Green Investments Set to Create 1 Million Jobs
A new report by KPMG Lower Gulf and First Abu Dhabi Bank (FAB) reveals that sustainable finance is poised to contribute $2 trillion to the Gulf Cooperation Council (GCC) economies by 2030, bolstering economic growth, job creation, and diversification.
GCC’s Push Toward Sustainability
The report, “The Sustainable Finance Imperative,” highlights that green investments across renewable energy and sustainable infrastructure are key drivers of this economic transformation. Climate-smart investments in emerging markets are projected to total $23 trillion, with the GCC leveraging these opportunities to achieve net-zero targets.
FAB, the UAE’s largest bank, has facilitated AED 216 billion in sustainable and transition financing projects—43% of its 2030 goal of AED 500 billion. In addition, the UAE has committed $16.8 billion to renewable energy projects, including the landmark Mohammed bin Rashid Al Maktoum Solar Park.
Job Creation and Economic Diversification
Green investments are expected to create over one million jobs across the GCC by 2030, according to the report. Saudi Arabia’s NEOM Green Hydrogen project and other flagship developments underscore the region’s shift toward a low-carbon economy.
Fadi Al Shihabi, Partner and ESG Services Leader at KPMG Lower Gulf, noted, “Sustainable finance is not only transforming the GCC’s economic landscape but also creating opportunities for diversification and resilience. Collaboration between financial institutions and policymakers will be key to leveraging these opportunities.”
Global Leadership in Sustainable Finance
Sustainable finance is also helping attract foreign direct investment (FDI) to the GCC, aligning financial flows with national sustainability strategies. The report concludes that this approach positions the region as a global leader in sustainable finance.
