Oman targets $140 billion investment in green hydrogen industry
Published: 03:10 PM,Oct 23,2022 | EDITED : 07:10 PM,Oct 23,2022
2144391
New era: Sultanate of Oman announces 2050 Net-Zero commitment and unveils ambitious green hydrogen strategy
MUSCAT, OCT 23
The Sultanate of Oman, represented by the Ministry of Energy and Minerals, unveiled on Sunday its ambitious Green Hydrogen Strategy – an initiative that envisions an estimated $140 billion in investment in a new low-carbon energy industry.
The Ministry also formalised the established of a new hydrogen-centric energy company, HYDROM, that will oversee the country’s vision for the growth of a green hydrogen based energy future.
The announcements came at a media briefing held under the auspices of Eng Salim bin Nasser al Aufi, Minister of Energy and Mineral, in which he underlined Oman’s new climate commitment and its ambitious green hydrogen strategy. Under the leadership of His Majesty Sultan Haitham bin Tarik, Oman has committed to reaching Net-Zero Emissions in 2050, in line with the Paris Agreement’s objectives of limiting global warming to 1.5°C compared to pre-industrial levels. To lead its transition towards a green economy, His Majesty has mandated the creation of Oman Sustainability Centre. The centre will be the leading body undertaking the supervising and follow-up plans and programmes of carbon neutrality.
Eng Al Aufi said “Oman is committed to decarbonise and help the world decarbonise. The pathway to net-zero is an opportunity for Oman to create economic value, increase industrial competitiveness and attract investments to help diversify and strengthen the country’s economy.
Green hydrogen presents itself as a key vector that enables Oman to pursue its decarbonisation, economic and energy security objectives. With the abundant renewable energy resources Oman is blessed with and with the appropriate structuring of the sector via the creation of Hydrogen Oman as directed by His Majesty, Oman is positioned as one of the most attractive nations to produce green hydrogen competitively and at large-scale.”
Oman has set an ambition to become one of the largest green hydrogen producers and exporters globally, targeting production of one million tonnes by 2030.
Eng Faiza al Harthy, Head of Energy, Environment and Natural Resources Priority Support at Oman Vision 2040 Implementation Follow-up Unit stated: “The vision is to create effective, balanced, and resilient ecosystems to protect and sustain Oman’s natural resources in support of the national economy. This will be done by setting targets, a measurement mechanism and a follow-up methodology for the initiatives and projects helping to achieve net-zero emissions.”
Eng Abdulaziz al Shaithani, Director General Renewable Energy and Hydrogen said: “Oman aims to become one of world’s leading green hydrogen hubs. Over the last few months, the Ministry of Energy and Minerals has developed an ambitious green hydrogen strategy and defined the structure of the green hydrogen sector. The development of the green hydrogen economy will provide a strategic opportunity for Omani and international companies to participate and collaborate in driving local and global energy security, economic diversification and much needed climate change mitigation.”
Al Shaithani said green hydrogen related investments will unlock immense investment opportunities across the value chain. It includes opportunities in the manufacture of solar panels, wind turbines, electrolysers, hydrogen-derived products, storage and transportation, water desalination and other components. Oman’s investments alone will encompass about 3 million solar panels, approximately 10,000 wind turbines, 5,200 electrolysis units and about 180 GW of renewable energy production capacity.
Eng Mazin al Lamki, Chief Executive Officer of Energy Development Oman, added: “We are delighted to announce the new brand identity of HYDROM, a fully owned autonomous subsidiary of EDO. Working in tandem with the ambitious Government plans, HYDROM will leverage the Sultanate of Oman’s location and abundant solar and wind resources to produce green hydrogen and support the government’s drive to reduce the carbon footprint and achieve the decarbonisation targets.”
MUSCAT, OCT 23
The Sultanate of Oman, represented by the Ministry of Energy and Minerals, unveiled on Sunday its ambitious Green Hydrogen Strategy – an initiative that envisions an estimated $140 billion in investment in a new low-carbon energy industry.
The Ministry also formalised the established of a new hydrogen-centric energy company, HYDROM, that will oversee the country’s vision for the growth of a green hydrogen based energy future.
The announcements came at a media briefing held under the auspices of Eng Salim bin Nasser al Aufi, Minister of Energy and Mineral, in which he underlined Oman’s new climate commitment and its ambitious green hydrogen strategy. Under the leadership of His Majesty Sultan Haitham bin Tarik, Oman has committed to reaching Net-Zero Emissions in 2050, in line with the Paris Agreement’s objectives of limiting global warming to 1.5°C compared to pre-industrial levels. To lead its transition towards a green economy, His Majesty has mandated the creation of Oman Sustainability Centre. The centre will be the leading body undertaking the supervising and follow-up plans and programmes of carbon neutrality.
Eng Al Aufi said “Oman is committed to decarbonise and help the world decarbonise. The pathway to net-zero is an opportunity for Oman to create economic value, increase industrial competitiveness and attract investments to help diversify and strengthen the country’s economy.
Green hydrogen presents itself as a key vector that enables Oman to pursue its decarbonisation, economic and energy security objectives. With the abundant renewable energy resources Oman is blessed with and with the appropriate structuring of the sector via the creation of Hydrogen Oman as directed by His Majesty, Oman is positioned as one of the most attractive nations to produce green hydrogen competitively and at large-scale.”
Oman has set an ambition to become one of the largest green hydrogen producers and exporters globally, targeting production of one million tonnes by 2030.
Eng Faiza al Harthy, Head of Energy, Environment and Natural Resources Priority Support at Oman Vision 2040 Implementation Follow-up Unit stated: “The vision is to create effective, balanced, and resilient ecosystems to protect and sustain Oman’s natural resources in support of the national economy. This will be done by setting targets, a measurement mechanism and a follow-up methodology for the initiatives and projects helping to achieve net-zero emissions.”
Eng Abdulaziz al Shaithani, Director General Renewable Energy and Hydrogen said: “Oman aims to become one of world’s leading green hydrogen hubs. Over the last few months, the Ministry of Energy and Minerals has developed an ambitious green hydrogen strategy and defined the structure of the green hydrogen sector. The development of the green hydrogen economy will provide a strategic opportunity for Omani and international companies to participate and collaborate in driving local and global energy security, economic diversification and much needed climate change mitigation.”
Al Shaithani said green hydrogen related investments will unlock immense investment opportunities across the value chain. It includes opportunities in the manufacture of solar panels, wind turbines, electrolysers, hydrogen-derived products, storage and transportation, water desalination and other components. Oman’s investments alone will encompass about 3 million solar panels, approximately 10,000 wind turbines, 5,200 electrolysis units and about 180 GW of renewable energy production capacity.
Eng Mazin al Lamki, Chief Executive Officer of Energy Development Oman, added: “We are delighted to announce the new brand identity of HYDROM, a fully owned autonomous subsidiary of EDO. Working in tandem with the ambitious Government plans, HYDROM will leverage the Sultanate of Oman’s location and abundant solar and wind resources to produce green hydrogen and support the government’s drive to reduce the carbon footprint and achieve the decarbonisation targets.”