Gulf states have largely accepted that climate change is serious and that the energy transition is underway, although oil and gas will remain important for decades, and they have become increasingly proactive in their response. The region’s sovereign wealth funds have the potential to play a significant role in helping adapt to a world in which the contribution of hydrocarbons to public finances and the economy will eventually diminish. Most are already deploying a mixture of three strategies: amassing assets that can provide income and finances for their budgets, whether today or for “future generations”; climate-proofing their portfolios; and investing domestically to advance a diversification agenda. This chapter examines how effectively each Gulf state is deploying these strategies across various funds and also considers the interactions on these themes with peers in Asia.