GCC’s Progress on Circular Carbon Economy Index: What It Means for Sustainable Business Investment Opportunities in the Region
MUSCAT: Gulf Cooperation Council (GCC) countries have demonstrated significant advancement on the Circular Carbon Economy Index in 2024, with the bloc’s average overall score increasing to 41.5, up from 37.7 in 2023, according to data released by the GCC Statistical Centre (GCC-Stat).
The centre’s data reveals that three GCC nations rank as leaders in the Middle East and North Africa on this index, which evaluates the progress of 125 countries toward achieving net-zero emissions. The index tracks advancements through the circular carbon economy framework, which balances emissions mitigation technologies with supportive policies and tools.
The index consists of two main components. The Performance Index, measuring the deployment of emissions-mitigation technologies, saw the GCC average climb to 35.8 points from 29.7 in 2023. Meanwhile, the Enablers Index, which reflects readiness for transitioning to a low-carbon economy, also improved to 47.2 points from 45.6 the previous year.
Additionally, GCC-Stat data highlights a marked increase in the region’s contribution to global renewable energy capacity. The GCC’s share of installed renewable power capacity rose significantly to 0.43% in 2024, compared to just 0.03% in 2015.
The GCC Supreme Council reaffirms its commitment to the fundamental pillars of the energy transition—energy security, economic development, and climate change—while continuing to invest sustainably in hydrocarbon resources. Member states are actively advancing the four pillars of the circular carbon economy: reducing emissions, reusing carbon, recycling carbon, and removing residual emissions. — ONA
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The GCC’s significant improvement in the Circular Carbon Economy Index highlights accelerated progress towards net-zero emissions, presenting Oman with strategic opportunities to expand its renewable energy sector and carbon management technologies. Businesses should capitalize on the growing emphasis on sustainable investment and innovation in carbon reduction, while investors must weigh the risks of transitioning energy markets and prioritize ventures aligned with the circular carbon economy pillars. For Oman, embracing this shift is critical to securing long-term economic resilience and leadership in the regional energy transition.
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