In the webinar Structural Factors Driving Positive Change in the Gulf hosted by Qatar Financial Centre (QFC), it was announced that Qatar plans on remaining the largest producer of Liquefied Natural Gas (LNG) by expand its LNG capacity.
Chief Executive Officer Yousuf Mohamed Al Jaida discussed the recent report by IMF which said the global oil demand will peak at some time around 2040. He stated that technological revolution is making renewables more affordable and that it should be combated due to climate change.
Al Jaida added that Qatar has already made preparations for a carbon neutral environment as part of Qatar National Vision 2030.
He also spoke about how QFC provides international companies with a platform to conduct business in Qatar and expand throughout the region explaining that it is a gateway for Foreign Direct Investments to the market in Qatar.
Senior Advisor for Economics and Research, Thaddeus Malesa, presented a paper by Irfan Aleem and said “Governments in the Gulf have long been preparing and working towards achieving a post-oil future. Most of the savings are located in sovereign wealth. The transition that is upon us as the IMF foresees shows that there are urgent decisions that need to be made.” He added that most of the energy customers of Qatar around the globe have made commitments to a net carbon position by the year 2050.
Senior Fellow, Brookings Doha Center, Tarik Yousef, explained that Qatar relies on neutral gas, which is the cleanest of the fossil fuels.
Managing Director, Business Development of QFC, Sheikha Alanoud bint Hamad Al Thani said, “With seemingly change in oil price outlook hard decisions may need to be made. Many global oil exporters face it difficult to move ahead while Qatar maybe fortunate among the GCC countries. All are looking to achieve fiscal sustainability in their own right.”