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
Oman's Muscat International Airport said on Monday it did not send a message seen by some charter executives that asked private jets to avoid using the site for "additional flights," to give priority to government and commercial traffic.
Saudi Arabia began oil output cuts, becoming the latest Gulf producer impacted by the U.S. and Israeli war on Iran that has halted ship traffic in the region, sending crude prices up nearly 30% on Monday to $119 a barrel and prompting G7 countries to consider releasing emergency oil stocks.
The United Arab Emirates ambassador to the United Nations in Geneva called on Monday for a de-escalation of the U.S.-Israeli war with Iran and a return to negotiations.
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