Report

Perspectives on the energy transition in emerging markets

Beyond the “just transition” being supported by developed economies, emerging markets are home to significant climate innovation and financing initiatives that have the potential to deliver global benefits.

A close up image of a flower in full bloom
Outside the West, governments and entrepreneurs are taking advantage of their unique resources, geographies and societal structures to build transition pathways that will support economic growth and reduce emissions. In this report we address the global themes that will help, such as the development of sustainable aviation fuels. Our teams identify how developing countries are decarbonizing their own economies – including significant investments in CCUS that could turn the Middle East into a global carbon sink and how offshore wind has a key role to play in the energy transition in emerging Asia.
Summary

In the Gulf region, we explore efforts to develop carbon capture and storage as well as green hydrogen, shine a spotlight on clean real estate, consider the role of Islamic finance in delivering a just transition, and examine the emergence of sustainability-related financial regulation. 

In Africa, we look at the role of renewables, financing challenges, its hydrogen potential and explain why the region could become a global center for sustainability. 

In Asia, we address themes from the evolution of carbon markets to the electric vehicle battery sector, and the importance of hydrogen and ammonia in the transition agenda. Finally, we take a closer look at Net Zero priorities in post-Soviet states – some of which have vast fossil fuel reserves while others remain reliant on Communist-era infrastructure. 

Related people

This report, led by Dubai partner Joe Clinton, was developed by lawyers across our Middle East, Africa and Asia networks with leadership roles in banking & projects, real estate, finance, regulatory, environment, international arbitration, corporate, M&A, infrastructure and tax.