Oman Advances Green Finance Strategy to Meet 2050 Net Zero Target
Oman’s Environment Authority is introducing a series of fiscal policies and strategic initiatives to align with the nation’s 2050 carbon neutrality target, according to the Oman News Agency.
The authority said the approach centers on securing funding from the Green Climate Fund to support environmental projects.
These efforts include enhancing accreditation and readiness, developing project proposals and forging international partnerships to advance Oman’s climate goals through green finance.
National Adaptation Plan at Core of Strategy
The EA is playing a key role in developing the National Adaptation Plan in cooperation with the GCF and other international partners. The plan seeks to identify Oman’s priority needs, establish a national climate finance strategy and expand access to green finance opportunities, ONA reported.
In addition, the authority has signed a cooperation program with the Global Green Growth Institute. The agreement aims to improve access to green finance and strengthen support for stakeholders engaged in nature-based solutions across the Sultanate.
Focus on Land Reclamation and Mangrove Restoration
According to ONA, the EA is emphasizing land reclamation and mangrove restoration because of their dual impact on adaptation and carbon sequestration.
The authority is also updating the Climate Affairs Management Regulation to enhance corporate accountability and encourage the transition to sustainable business practices.
The revised regulation offers a framework for monitoring the environmental performance of companies and establishments. It aims to ensure that firms actively contribute to emission reduction and adaptation goals.
Building Local Capacity for Climate Finance
Eng. Khalid bin Mohammed Al Balushi, acting director-general of climate change at the EA, told ONA that the accreditation and readiness program enables Omani institutions to gain direct access to GCF resources.
He explained that the mechanism builds national capacity by allowing local entities to obtain accreditation or collaborate with accredited organizations to manage climate funding.
The GCF has already accredited a banking institution in Oman. It will coordinate funding requests and apply for readiness grants to improve its capacity to design climate projects and develop national adaptation and green growth plans.
Partnerships to Boost Private Sector Role
Al Balushi said the EA relies on international partnerships to expand access to financing and enhance project implementation opportunities.
He noted that cooperation with organizations such as the Food and Agriculture Organization and the GGGI allows Oman to submit joint project proposals and engage the private sector in climate initiatives.
He added that the GCF encourages the use of public funds to improve risk forecasting and reduce uncertainty for private investors, thereby accelerating financing for green projects.
Climate Finance Integral to Oman Vision 2040
According to ONA, climate finance is emerging as a central pillar of Oman’s environmental and economic transformation. It supports the country’s efforts to achieve carbon neutrality by 2050 through investments in renewable energy and clean transport.
The EA said climate funding also plays a role in diversifying the economy and building sustainable industries under Oman Vision 2040. It helps the country adapt to the effects of climate change by improving coastal resilience, conserving water resources and promoting sustainable agriculture.
Moreover, attracting private and international investment remains a key objective, as the government works to establish a clear regulatory and financial framework for sustainable finance.
The EA believes this will strengthen investor confidence and encourage broader participation in Oman’s green finance transition.
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