Green investment in GCC could unlock up to US$2 trillion in GDP contribution by 2030, experts say at DSIG Conference

TDT | Dubai

The Daily Tribune - www.newsofbahrain.com

Investment in green projects coupled with sustainable finance could help the GCC countries to unlock up to US$2 trillion (Dh7.3 trillion) in GDP contribution by 2030, if investment opportunities are tapped across key industries, according to a recent report by Strategy& that recommends the GCC governments to open up the region’s capital markets to help accelerate investment in sustainable projects.

Today, GCC countries recycle, reuse, or recover only around 10 percent of plastic and metal waste, resulting in significant waste. Increasing recycling rates in the GCC to an achievable 40 percent would create about 50,000 new jobs to support a US$6 billion market, the report says.

Experts at the first conference on ‘Is Investing in Sustainability Economically Viable?’ said, it is not only viable and profitable, but will unlock a huge potential for the region’s economy, going forward. Organised by Dubai Stockbrokers and Investment Services Group (DSIG) and held at the Dubai Chambers, speakers at the seminar urged all industry stakeholders to work closely to unlock this huge potential that will be a game-changer for the GCC countries and help them in their transformational journey from hydrocarbon-dependent economy to a more sustainable economy.

“Increased investment in green projects, sustainable finance such as Green Bond, Green Sukuk or even Green Sovereign Wealth Funds will help the green economy to flourish and help the region to double the GDP by 2030,” Sameera Fernandes, Chairwoman of DSIG and Chief Sustainability Officer and Board Member of Century Financial, told delegates at the seminar.

“These will help accelerate the growth of the green economy and help our economies to become more climate resilient and sustainable. As DSIG Chair, I urge all stakeholders to work together to find ways to increase investment in sustainable projects and help our world become a better place to live and breathe in and we need to do this for our future generation to ensure a pollution-free and a carbon-neutral world.

“As the report suggests and I quote, the GCC governments need to continue opening up and strengthening the region’s capital markets that are relatively underdeveloped. Building up these capital markets will allow investors to exit successful investments easily. In addition, it will help investors access GCC funds, such as those held by high-net-worth individuals and families.”