It sounds almost too good to be true: in the midst of the financial chaos, the Gulf States are working on a huge investment package that will support production of renewable energies in the UK. According to an article in the Independent by Jane Merrick, the “Gulf green deal” will see Qatar and Abu Dhabi invest in renewable energy projects in the UK. Merrick also mentions that two weeks ago Abu Dhabi’s Masdar Initiative announced it would invest in the London Array offshore wind farm, buying 40 per cent of E.ON’s half share, giving it a 20 per cent stake.

While it is understandable that the Gulf States will want to help stem the financial crisis, one may wonder why they pick the renewable energy business as recipient for their care packages. After all, aren’t renewables in direct competition with mineral oil? Shouldn’t the Saudis support the European car industry as their key customer segment? We can only speculate about the motives that have been driving the “Gulf green deal”, which obviously is not to be understood as an act of charity. However, it may indicate an understanding that politicians even in Germany rarely display: that renewables have become an official piece in the international game of finance and energy. Let’s hope it will grow into the Queen, not the Pawn.