The EU should use its forthcoming CCUS strategy, due to be published at the end of 2023, to focus on the commercial viability of the captured or recycled CO2 by promoting research and development. For example, the EU should encourage the GCC countries to become much more involved in projects such as the Innovation Fund and invest meaningfully in th

This could enable the long-term economic survival of oil and gas firms after the energy transition is complete. Indeed, some GCC countries (for example, Saudi Arabia, the UAE, and Oman) have accelerated their hydrogen plans over the past year, in order to be early movers. The EU would be their most important market, as the bloc – alongside key Eu

The GCC states could now encourage the replacement of other cheap and energy-inefficient “Made in China” appliances, that have flooded the local markets. Energy subsidies have for decades been at the core of the government-society ruling contract in the monarchies. It would therefore be easier for them politically to promote more efficient alte

The UAE will also use COP28 as a platform to boost investments in green energy production globally as it works to become a key actor in this space. The UAE already has the world’s most cost-effective solar energy production system and the Middle East and North Africa’s highest percentage of renewable energy in its mix, with 3.058 megawatts of c

Italy has emerged as the third active member state. Alongside LNG cooperation, Italian energy multinational Eni signed a memorandum of understanding with Saudi Arabia’s minister of investment in September 2022 that covers sustainable mobility, the circular economy, and the chemical industry. The Italian government promoted the first pre-COP28 eve