MUSCAT, SEPT 15
Climate finance is expected to be one of the key themes of the upcoming Oman Climate Week conference and exhibition, which will take place during February 24-27, 2025 in Muscat, under the auspices of Oman Environment Authority.
In a statement, the Chairman of the Environment Authority, Dr Abdullah bin Ali al Amri, highlighted the significance of financing within climate action, "Scaling up investments in climate resilience is essential for survival. Urgent action is needed on financing, adapting to climate impacts, and cutting emissions. We must phase out coal, put a price on carbon, and ensure a just transition to renewables to safeguard our environment for future generations." According to the event’s agenda, the topics under financing will include discussions surrounding investments and Public-Private Partnerships (PPPs) in supporting climate projects, the access to blended financing, and financial assistance for communities affected by climate change amongst other key topics.
Other topics include climate adaption, climate mitigation, social inclusion, climate technologies, and carbon markets.
In 2022, the Sultanate of Oman under the directive of His Majesty Sultan Haitham bin Tarik committed to achieving Net Zero neutrality by 2050.
According to the 2023 Pathway to Net Zero Report, Oman produces an estimated 90 million tonnes of CO2 per year. Five main sectors contribute to this figure, including industry (32 per cent), oil and gas (26 per cent), power (19 per cent), transport (18 per cent) and waste and agriculture (6 per cent).
The country aims through the programme to reduce emissions by 6 per cent by 2030, 54 per cent by 2040, and 92 per cent by 2050, through various methods such as the adoption of electric vehicles, biofuels, electrification, and the implementation of Carbon Capture, Utilisation, and Storage (CCUS) technologies.
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