Oman unveiled late on Wednesday a sustainable finance framework to help the Gulf country reduce its reliance on fossil fuels and attract environmental, social and governance (ESG) investors.
Oman appreciates the potential of renewable energy technologies © Mena Today
Oman unveiled late on Wednesday a sustainable finance framework to help the Gulf country reduce its reliance on fossil fuels and attract environmental, social and governance (ESG) investors.
Under the initiative, the Sultanate plans to issue financial instruments like green, social and sustainability bonds as well as loans and sukuk - bonds that comply with Islamic law - whose proceeds will be used to fund and re-finance renewable energy projects.
As power supply and fossil-fuel reserves come under pressure form population growth and rapid industrial development, "Oman appreciates the potential of renewable energy technologies," the country's finance ministry said in the report detailing out the framework.
Oman's vision 2040, an economic development plan launched in 2021, envisions the country cutting oil's share of gross domestic product (GDP) to 16% in 2030 and 8.4% in 2040, down from 39% in 2017.
Reporting by Federico Maccioni
Switzerland, which also represents U.S. interests in Iran, has reopened its embassy in Tehran after a closure due to the air war between Israel and Iran, the Swiss foreign ministry said on Sunday.
The Israeli military said it had intercepted a missile launched from Yemen towards Israel in the early hours of Sunday, with sirens activated in several parts of the country.
Britain said on Saturday it was reestablishing diplomatic relations with Syria, as foreign minister David Lammy visited the Syrian capital Damascus.
To make this website run properly and to improve your experience, we use cookies. For more detailed information, please check our Cookie Policy.
Necessary cookies enable core functionality. The website cannot function properly without these cookies, and can only be disabled by changing your browser preferences.