Skip to content
Subscriber Only

Gulf Countries Savings Put at $87 Billion With Renewable Energy

  • Savings to equal 2.5 billion barrels of oil equivalent
  • Solar seen accounting for 85 percent of sector jobs in 2030

Gulf countries stand to save as much as $87 billion from lower oil and natural gas consumption if they achieve goals for renewables use by 2030, according to the International Renewable Energy Agency.

Meeting Gulf Cooperation Council targets for solar and other renewable energy could also create an average of 140,000 jobs a year, with 207,000 people employed in 2030, the Abu Dhabi-based Irena said in a 96-page report released Wednesday. The goals may already be pushed back, with Saudi Arabia, the largest of the GCC’s six member countries, delaying its target completion date for renewables by eight years to 2040.