Indeed, with some of the lowest carbon footprints and production costsfor oil in the world, the Gulf monarchies might even increase their market shares in the medium term; they could be subject to up to 50 per cent less in EU carbon tariffs than most competitors, making them the last men standing in fossil fuels. ADNOC and the Saudi Arabian Oil Gro

Italy has emerged as the third active member state. Alongside LNG cooperation, Italian energy multinational Eni signed a memorandum of understanding with Saudi Arabia’s minister of investment in September 2022 that covers sustainable mobility, the circular economy, and the chemical industry. The Italian government promoted the first pre-COP28 eve

and should maintain a strong focus on accelerating the move beyond fossil fuels. This should take place not only through the development of green energy relations, but also – more broadly – through the implementation of industrial decarbonisation and a comprehensive green transition in both regions. The Gulf Cooperation Council (GCC) monarchies