Doha: As clear evidence of climate change mounts, the hot and arid regions need to adopt policies and strategies that will shape the impacts of climate change on the economy and environment.
In a session on the sidelines of Earthna Summit 2023, panellists and experts have called on countries in arid regions, especially the wealthy Gulf states whose primary source of income is oil and gas, to adopt forward-looking measure of inclusive wealth that puts emphasis and value on renewable capital such as human and natural.
Addressing the session titled ‘Sustainability Frameworks for Hot and Arid Countries,’ Dr. Matthew Agarwala, an economist at Bennett Institute for Public Policy, University of Cambridge, said thought leadership and the design of new technologies and their diffusion through the domestic and global economy, inclusive wealth and environmental economics, and Qatar can play a vital role.
“Qatar, through its endowment of natural resources, is going to be a critical player in the transition towards cleaner, greener, leaner, and net zero economies,” Dr. Agarwala said.
“It’s not just that natural capital; Qatar will have to be a leader and a pioneer in its human capital and developing new technologies. I know there is research being undertaken on projects by Earthna and the Qatar Foundation on the hydrogen economy and Qatar’s role. That is an open opportunity that no one has fully cracked yet.”
Meanwhile, Ambassador of Qatar to the UK, HE Fahd bin Mohammed Al Attiyah, also asked if the current economic model is sustainable.
The envoy said while Qatar and countries with oil won the lottery ticket with this valuable resource, sacrifices have to be made to ensure a lasting model that will benefit the future and provide essential resources when oil and gas no longer bring in the same revenue as today.
“God endowed us with this wealth; it’s for us to sacrifice. Let’s realise these constraints will never change unless climate change accelerates and brings us more water. Water is the reason for any civilisation to exist, not oil and gas,” Al Attiyah stressed.
“We don’t have water, and we don’t have agricultural land, and we don’t have a population. So we have a moment and think and ask if we continue the economic model we have or revisit it fundamentally.”
Dr. Kamiar Mohaddes, Associate Professor, Economics & Policy at the Cambridge Judge Business School at the University of Cambridge, explained that the costs of climate change cut across sectors, including agriculture, retail, utilities, minerals, and manufacturing.
He added that the region’s role would be to invest in cleaner energy in terms of oil and gas and employ the skills present in the region in meeting the energy needs of the future.
