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The power companies within the Gulf Cooperation Council are planning to invest in the global renewable energy market. The International Energy Agency projects the renewable marketplace will reach $10 trillion in value by 2040. The Gulf countries plan on diversifying their holdings and expanding into natural gas and renewable energies sources so they can free up crude oil for export. According to a study published by the International Renewable Energy Agency; if the Gulf countries adapt to renewable resources by 2030, they could save 354 million barrels of oil equivalent.

GCC Nations Plan on Investing in the Global Renewables Market

The power companies within the Gulf Cooperation Council are planning to invest in the global renewable energy market. The International Energy Agency projects the renewable marketplace will reach $10 trillion in value by 2040.

The Gulf countries plan on diversifying their holdings and expanding into natural gas and renewable energies sources so they can free up crude oil for export. According to a study published by the International Renewable Energy Agency; if the Gulf countries adapt to renewable resources by 2030, they could save 354 million barrels of oil equivalent.

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