MUSCAT, NOV 11
The Ministry of Economy has embarked on a strategic national study aimed at strengthening the development of a ‘Green and Circular Economy’ in the Sultanate of Oman.
The comprehensive, currently well underway, seeks to assess the economic costs, benefits, and investment opportunities associated with reaching net-zero carbon emissions by 2050.
“This study is expected to provide a comprehensive economic framework that supports sustainable economic growth, with a focus on investments in green industries, job creation, and skills development. It aims to facilitate partnerships across various sectors to achieve integration and strengthen the green economy, enabling Oman to fulfill its international commitments to mitigate climate change,” said the Oman Vision 2040 Implementation Follow-Up Unit in its latest report.
Also as part of the study, a roadmap will be chalked out to support a comprehensive transition to a green economy. Opportunities for investment in priority sectors will be identified, while other prospective green economic sectors will be developed as well. It will assess the competitive market value of investment and financing mechanisms.
Another key objective of the study is to promote collaboration among stakeholders to enhance the green economy, while also supporting sustainable consumption and production patterns.
Following the groundbreaking announcement in October 2022 of a national pledge to become carbon neutral by 2050, Oman has evolved into a leading hub for green investments. In particular, the Special Economic Zone at Duqm (SEZAD) has attracted an expanding array of mega-scale green molecule projects, as well as industries that will capitalize on the availability of low-carbon fuel in the zone.
At least three large-scale projects will focus on the production of green hydrogen and its derivatives, capitalizing on the abundance of solar and wind resources in the wider Wusta Governorate. Separately, a number of international players have pledged to invest in, among other decarbonized industries, the production of green steel, and low-carbon feedstock for metals industries.
“The efforts undertaken aim to support sustainable economic growth in Oman and enhance its global reputation as a hub for green investments. This will contribute to achieving carbon neutrality and bolstering the competitiveness of the Omani economy on the international stage,” added Oman Vision 2040 in its report.
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