On the path to sustainability in Gulf Cooperation Council states: Readiness for energy transition

Minić, Aleksandra and Filipović, Sanja (2024) On the path to sustainability in Gulf Cooperation Council states: Readiness for energy transition. The European Journal of Applied Economics, 21 (1). pp. 143-163. ISSN 2406-2588

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Abstract

Whilst stakeholders and policymakers in industry and academia increasingly use circular and sustainable, the terms are not clearly understood. Furthermore, the need for a switch from a current economic model (linear) to a circular one has been recognized globally by the major decision-makers. The shift from one mechanism to another experiences challenges in grasping the Circular Economy (CE) and Sustainability (S) principles: defining them, understanding the similarities and differences, and successfully applying them using the Triple Bottom Line (TBL) approach. Employing a systematic literature review, the paper aims to clarify the ambiguities and add to clarity by exploring the concepts and the relationship of CE and S by applying the TBL framework – social, environmental and economic variables. The gaps regarding relations to people and profit contribution are identified in the literature, and future research priorities and new frameworks are recommended. Finally, the objective is to ascertain whether a strategic approach to sustainability and measures are in place in the Gulf Cooperation Council (GCC), such as increased investment in renewable energy infrastructure that could positively affect energy transition readiness, evidenced by energy efficiency indicators (reduced carbon emissions). Hence, three GCC countries were selected, their goals, and challenges were explored, and further research was recommended

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