GCC climbs global circular carbon economy rankings

The region’s share of installed design capacity for renewable energy plants rose to 0.43 percent of the world total in 2024, up from just 0.03 percent in 2015. 
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Updated 07 September 2025
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GCC climbs global circular carbon economy rankings

JEDDAH: The Gulf Cooperation Council has solidified its regional leadership in the low-carbon transition, with its Circular Carbon Economy Index rising to 41.5 in 2024 from 37.7 in 2023. 

The index, developed by Saudi Arabia’s King Abdullah Petroleum Studies and Research Center, also known as KAPSARC, benchmarks 125 countries on progress toward net zero. GCC states are pursuing the four pillars of the circular carbon economy model — reducing, reusing, recycling, and removing emissions.

The index consists of two main components: in the Performance Index, which measures the extent to which countries utilize emission-mitigation technologies, GCC countries advanced in 2024 to 35.8, up from 29.7 in 2023.

The Gulf countries also made progress in the Enablers Index, which measures readiness for the transition to a low-carbon economy, scoring 47.2 points in 2024, up from 45.6 points in 2023. 

The data also showed that GCC countries have made substantial progress in expanding global renewable energy capacity. The region’s share of installed design capacity for renewable energy plants rose to 0.43 percent of the world total in 2024, up from just 0.03 percent in 2015. 

The GCC Supreme Council reaffirmed its commitment to the core pillars of the energy transition — energy security, economic development, and climate action — through sustainable investments in hydrocarbon resources. 

Alongside the climate push, Gulf officials endorsed a new 2026–2030 statistical strategy aimed at integrating data and supporting development policies. 

At the 12th meeting of the GCC Permanent Committee for Statistical Affairs, held Sept. 3-5 in Jebel Akhdar, Oman, members approved a roadmap to build a “smart and reliable” regional system aligned with sustainable development and economic integration. 

The plan covers the first GCC report on 2030 Sustainable Development Goals, enhancements to trade and infrastructure databases, and the rollout of big data, AI, and digital economy statistics. 

Saudi Arabia’s statistics chief Fahad Al-Dossari said, “unifying GCC statistical efforts to keep pace with global changes” is vital to bolster growth and improve the region’s standing in international reports, according to the Saudi Press Agency. 

The meeting closed with recommendations to expand expertise sharing, strengthen infrastructure, and advance capacity-building programs across the bloc. 


European gas prices soar almost 50% as Iran conflict halts Qatar LNG output

Updated 02 March 2026
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European gas prices soar almost 50% as Iran conflict halts Qatar LNG output

  • Analysts warn prolonged disruption could push prices higher
  • Some shipments of oil, LNG through Strait of Hormuz suspended
  • Benchmark Asian LNG price up almost 39 percent

LONDON: ​Benchmark Dutch and British wholesale gas prices soared by almost 50 percent on Monday, after major liquefied natural gas exporter Qatar Energy said it had halted production due to attacks in the Middle East.

Qatar, soon to cement its role as the world’s second largest LNG exporter after the US, plays a major role in balancing both Asian and European markets’ demand of LNG.

Most tanker owners, oil majors and ‌trading houses ‌have suspended crude oil, fuel and liquefied natural ​gas shipments ‌via ⁠the ​Strait of ⁠Hormuz, trade sources said, after Tehran warned ships against moving through the waterway.

Europe has increased imports of LNG over the past few years as it seeks to phase out Russian gas following Russia’s invasion of Ukraine.

Around 20 percent of the world’s LNG transits through the Strait of Hormuz and a prolonged suspension or full closure would increase global competition for other ⁠sources of the gas, driving up prices internationally.

“Disruptions to ‌LNG flows would reignite competition between ‌Asia and Europe for available cargoes,” said ​Massimo Di Odoardo, vice president, gas ‌and LNG research at Wood Mackenzie.

The Dutch front-month contract at the ‌TTF hub, seen as a benchmark price for Europe, was up €14.56 at €46.52 per megawatt hour, or around $15.92/mmBtu, by 12:55 p.m. GMT, ICE data showed.

Prices were already some 25 percent higher earlier in the day but extended gains ‌after QatarEnergy’s production halt.

Benchmark Asian LNG prices jumped almost 39 percent on Monday morning with the S&P Global ⁠Energy Japan-Korea-Marker, widely used ⁠as an Asian LNG benchmark, at $15.068 per million British thermal units, Platts data showed.

“If LNG/gas markets start to price in an extended period of losses to Qatari LNG supply, TTF could potentially spike to 80-100 euros/MWh ($28-35/mmBtu),” Warren Patterson, head of commodities strategy at ING, said. The British April contract was up 40.83 pence at 119.40 pence per therm, ICE data showed.

Europe is also relying on LNG imports to help fill its gas storage sites which have been depleted over the winter and are currently around 30 percent full, the latest data from Gas Infrastructure ​Europe showed. In the European carbon ​market, the benchmark contract was down €1.10 at €69.17 a tonne