Renewable Energy Markets: GCC 2023 suggests that GCC countries can leverage existing resources to develop innovative renewable energy-based solutions not only to mitigate climate change, but also to diversify their economies, create jobs, and reduce environmental impacts of the energy sector.

As COP28 is underway in the heart of the GCC, this report serves as a resource and reference point for policy makers, businesses and civil society in harnessing the region’s vast renewable resource potential. At less than US cents 2 per kilowatt hour (kWh), solar PV is now the least-cost option for power production in the GCC, outpacing natural gas, liquefied natural gas, oil, coal and nuclear power. Plummeting generation costs and abundant solar and wind resources in the region open the door for innovative energy technologies, such as green hydrogen, to be produced competitively.

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https://www.irena.org/News/pressreleases/2023/Dec/Renewables-as-Climate-Mitigation-and-Economic-Diversification-Opportunity-for-GCC