- Gulf states are rushing into overseas renewables after Iran’s blockade of the Strait of Hormuz and the U.S.-Israeli war with Iran triggered the biggest oil supply shock ever, pushing them to diversify away from oil.
- Abu Dhabi is leading the move with big deals — Masdar’s $2.2B JV with TotalEnergies, Mubadala’s investments in Power Factors and the Hornsea 3 wind farm — and Masdar now has 65 GW of capacity on the way to a 100 GW goal by 2030.
- The blockade is also snarling supply chains: Gulf solar imports plunged, shipping costs from Shanghai to the Gulf jumped from about $980 to $4,131 per container, and many regional projects face 3–12 month delays.
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