Green economy

The transition towards a green economy has emerged as a necessity for a country like the Sultanate of Oman. It should be propagated at the national level through competitiveness, localising qualitative investments in this field, and adopting sustainability standards in the business environment, experts said.

However, it is necessary to list the possibilities, challenges and tools to implement a green economy.

Awareness is important to manage the transition as it is necessary to change the mindset of the general public. Omani companies have great opportunities to adopt the green economy policy. Basically, a Green Economy requires economic, social, and environmental pillars of sustainable development to build the concept. It cannot be done single-handedly but requires efforts by all factors together.

Experts suggest it should touch upon unsustainable consumption patterns, the introduction of green production processes in manufacturing, product development or environmentally friendly services, and the recruitment of qualified cadres that contribute to the promotion of sustainable practices, and keep pace with rapid and growing changes in this field.

Maymouna al Adawi, Director of the Office of the Oman Forum for Business and Partnership with the Private Sector at the Ministry of Commerce, Industry and Investment Promotion (MoCIIP), said, “The transformation towards a green economy is an important step towards achieving sustainability and growth for our national economy and the protection and effective management of environmental resources and the adoption of practices aimed at benefiting from the resources promoting sustainable use of green energy is an essential pillar of Oman’s Vision 2040.”

In a green economy, public and private investments are crucial to support the growth in employment and income. And this will contribute in such economic activities, infrastructure and assets that allow reduced carbon emissions and environment pollution, enhanced energy and resource efficiency, and prevention of the loss of biodiversity and ecosystem services.

The Ministry of Commerce, Industry, and Investment Promotion (MoCIIP), in cooperation with the Ministry of Culture, Sports and Youth, is planning to organise the fifth session of its annual ‘Trade Hours’ initiative.

‘The Oman Business Forum’ on Wednesday (September 14, 2022) discussed the requirements of the transition to a green economy and global practices with the participation of a group of representatives from the public and private sectors.

“Adopting practices that support the green transformation approach must go through an integrated chain, starting with the sector government by supporting environmental sustainability policies and contributing to the rehabilitation and development of Omani cadres in the fields of the circular economy,” adds Maymouna.

The onus lies on all parties. This should pass through the private sector through the production and manufacture of environmentally friendly products, and the transformation of line production in factories to support this trend, and ultimately to the consumer through changing daily consumption habits. However, shifting towards green economy is not without any challenges, even when there is a solid economic, environmental and social case for investing in greening trade.

According to her, they are related to limitations in financial and human resources, the absence of timely regulatory frameworks, and the absence of an enforcement system.

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