In advancing the green economy Brunei Green Economy Report was launched in April 2024 to formulate long-term economic growth while also meeting environmental sustainability goals. The report covers opportunities related to oil and gas and its downstream sectors that can lay the foundation for a green economy.

The need to move away from fossil fuels as the main driver of Brunei Darussalam’s economy was highlighted by Minister at the Prime Minister’s Office and Minister of Finance and Economy II Dato Seri Setia Dr Awang Haji Mohd Amin Liew bin Abdullah during the report’s launch.

Historically, Brunei’s economy has been heavily reliant on the oil and gas industry. But this has changed recently.

The non-oil and gas industry contributes more than 50 per cent of the country’s gross domestic product and exports, compared to 36 per cent a decade ago.

“While this has provided us with an encouraging economic progress, more can and need to be done especially as we remain vulnerable to internal and external risks and challenges,” said the minister. With challenges such as geopolitical tensions, the rapidly evolving technology, increase in cyber threats and climate change, the “traditional economic model which heavily depends on fossil fuels is no longer sustainable”.