If the countries in the GCC are to meet their net-zero ambitions, they will require voluntary carbon markets, according to professional services firm Bain & Company.
According to Bain’s report, ‘Carbon Offsets and Credits in the GCC’, the six states that make up the GCC will also need to develop and scale up new technologies.
“Energy efficiency and renewable energy alone will not be sufficient,” said Raja Atoui, a partner at Bain & Company Middle East.
Saudi Arabia has announced that it will reach net zero emissions by 2060, while Oman and the UAE have set a target of 2050.
But to meet these deadlines, it is imperative that GCC governments set up the infrastructure needed for a voluntary carbon market, including a system for clarifying carbon ownership and greater use of certification in order to bring more private sector firms into the fight to recue emissions.
“Now is the right time to start building internal voluntary carbon market capabilities, including the development of an optimal operating model and strategic recruitment strategies to minimise the risk of misallocated capital,” said Othmane Boujemaoui, an associate Partner at Bain & Company Middle East.
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