The agreement aims to advance the global energy transformation towards a net zero energy future particularly in developing countries, in the context of achieving the Paris Agreement objectives and the UN Sustainable Development Goals.

The GCC nations include Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE. The gulf region could save 354 million barrels of oil equivalent from adopting renewable energy by 2030, according to a 2019 study from the Abu Dhabi-based International Renewable Energy Agency.

overall real GDP growth in the GCC is estimated to drop to 0.8% this year compared with 2% last year.