The six countries that make up the Gulf Cooperation Council need to diversify faster away from oil as the transition toward renewable energy picks up pace, putting pressure on the region’s energy-dependent economies, according to S&P Global Ratings. Receive daily email alerts, subscriber notes & personalize your experience. Register Now “As global investors get to grips with the implications of climate change for their portfolios, they are likely to re-appraise their appetite for investment in sectors and regions they perceive as most at risk from decarbonization initiatives,” said Dhruv Roy, head of sovereign and financial institutions ratings for Middle East/Africa at S&P Global Platts said Monday in a report. “But Gulf Cooperation Council (GCC) economies still rely heavily on hydrocarbons, and we expect the pace of diversification to remain gradual.” The GCC countries are Saudi Arabia, Kuwait, the UAE, Qatar, Bahrain and Oman. With oil accounting for […]