The Green Economy Transformation of GCC Countries and China-GCC Cooperation in Green Development

In 2015, all GCC countries acceded to the Paris Climate Agreement and submitted their Intended Nationally Determined Contributions since 2020. The Russian-Ukrainian conflict in 2022 led to a surge in world oil prices. Meanwhile, the increase in oil revenues created the new impetus for the green economy transformation and pushed it to an accelerated period. The green economy transition aimed at replacing fossil energy with hydrogen energy and making it a new driving force for export trade growth, on the other hand, it will incubate a number of private enterprises in the field of green science and technology, and realize economic diversification and private economy-led growth, and eventually led to economic structural adjustment which can increase the growth rate. GCC governments are committed to building renewable energy infrastructures, developing carbon capture and sequestration technologies, and emphasizing green and low-carbon building environmental governance. However, shortcomings in finance, technology and human resources restricted the transformation. China and the GCC countries need to cooperate to alleviate the difficulties and realize common green development. Currently, bilateral cooperation has already achieved fruitful results in areas of renewable energy infrastructure construction, green transportation and green capacity-building, In the future, green financial cooperation still needs to be strengthened.