The Strait of Hormuz crisis accelerates Gulf countries' overseas renewable energy investments
ME News message: On June 1 (UTC+8), Forbes magazine reported that, due to Iran’s blockade of the Strait of Hormuz and tensions in Middle Eastern energy, Gulf countries are accelerating overseas renewable energy projects to enhance energy security and economic diversification. According to the International Energy Agency (IEA), the Iran conflict has caused major disruptions to the global oil market’s supply. In response, the UAE and Saudi Arabia have increased investments in overseas wind power, photovoltaic power, and energy storage projects. Recently, the UAE’s Masdar reached a $2.2 billion agreement with France’s TotalEnergies to work together on renewable energy projects in Asia. Meanwhile, Abu Dhabi’s Mubadala Fund is investing in offshore wind power in the United States and the United Kingdom. By January this year, Masdar’s global renewable energy installed capacity reached 65 GW, with plans to achieve 100 GW by 2030. However, the Hormuz Strait crisis has impacted the sea