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About the Book A key need in tackling climate change is the shift of a country's income sources away from vulnerable towards low-emission, climate-resilient sectors. The challenge of economic diversification is however especially pronounced for developing countries reliant on production and export of oil and other fossil fuels for revenue. Drawing on the experience of oil-dependent countries from the Persian Gulf region, this paper highlights the importance of strategic and proactive national development policies to drive structural economic transformation. Additionally, international cooperation through financial support, technology transfer and conducive multilateral rules is also required to promote the transition to a climate-friendly development pathway. VICENTE PAOLO B. YU III is a Senior Legal Adviser of the Third World Network, Visiting Research Fellow at the United Nations Research Institute for Social Development (UNRISD), and Associate Fellow at the Geneva Center for Security Policy. Contents 1. Introduction 2. Understanding the Context for Economic Diversification: Addressing the Economic and Social Consequences of Climate Change Response Measures A. Climate change response measures and their economic and social consequences 1. Understanding response measures 2. Case study: Trade policy as fossil fuel demand-side response measure 3. Case study: Fossil fuel supply-side measures as response measures B. Responding to climate change and to climate change response through economic diversification 3. Economic Diversification in Practice Among Oil-Dependent Developing Countries in the Persian Gulf A. Economic diversification as a development imperative in the Gulf 1. Bahrain 2. Kuwait 3. Oman 4. Qatar 5. Saudi Arabia 6. United Arab Emirates B. Lessons from Gulf countries’ economic diversification approaches 1. Recognizing the need for transformative change 2. Addressing external climate and geopolitical shocks, economic uncertainty, the global energy transition, and structural barriers 3. Enhancing the role of a developmental state for planned economic diversification 4. Using an integrated and cross-sectoral industrialization and diversification strategy 4. Conclusions and Recommendations A. Equity, sustainable development, and international cooperation B. Elements for reflecting equity in international cooperation for economic diversification 1. Strategic and proactive national economic development policies 2. Equity-oriented international cooperation arrangements Endnotes
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