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
Islamic State claimed responsibility for an attack at a Shi'ite Muslim mosque in Oman, the group said on Tuesday, which left at least nine people dead, including three attackers, a rare security breach in the oil-producing Gulf state.
Two armed drones on Tuesday targeted Iraq's Ain al-Asad airbase, which hosts U.S forces and other international forces in western Iraq, two Iraqi military sources told Reuters.
Palestinian factions, including rivals Hamas and Fatah, will hold unity talks in China in July, two senior Hamas and Fatah officials told Reuters on Monday, as they try to resolve deep divisions.
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.