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The Middle East's booming environmental sector
July 3, 2007
The Middle East's booming environmental sector
The countries surrounding the Persian Gulf account for one-quarter of global crude oil production, and are leading members of the Organization of Petroleum Exporting Countries (OPEC). The region’s fossil fuel reserves and the relative dearth of other natural resources suggest oil and gas production will continue as the main engine of the region’s economy for some time. But some countries are looking to diversify their economic futures, improve the efficiency of resource exploitation, and tap into the growing worldwide market for environmental technologies.
The fact that some of the world’s most prominent oil producing countries are investing in renewable energy and other environmental technologies is yet another sign that the clean technology revolution is underway. If countries that are awash in oil can turn to renewable energy and energy efficiency to bolster their economies, nations that possess a different mix of natural resources can also seek clean technology. Trillions of dollars will flow into the environmental sector over the next several decades, and the Middle East region may attract more than its fair share, providing a multitude of opportunities for the private sector.
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