Oman Gears Up for Net Zero with Carbon Market and Monitoring Platform

Oman Gears Up for Net Zero with Carbon Market and Monitoring Platform

Image Source: Oman Sustainability Week

The Oman Sustainability Centre (OSC) is taking a bold step towards a carbon-neutral future by launching two key initiatives: a carbon market and a greenhouse gas (GHG) monitoring platform.

Leading the Charge:

  • OSC Project Director, Khalid Salim al Ghammari, emphasized the Centre’s role in supporting Oman’s transition to a Net Zero economy by 2050.
  • Collaboration is key – OSC is actively working with various government entities and stakeholders to achieve this ambitious goal.

The Centre’s Three Pillars:

  1. Policy & Regulation: Advising the Ministry of Energy and Minerals on harmonizing decarbonization policies across different sectors.
  2. Economic Growth with Sustainability: Ensuring that decarbonization efforts don’t impede the growth of GHG-emitting industries.
  3. Building a Sustainability Culture: Fostering awareness and promoting capability-building through various initiatives across schools, universities, and the wider community.

Roadmap to Net Zero:

  • In collaboration with stakeholders, OSC will develop a detailed 25-year carbon reduction plan (2023-2050).
  • Focus on effective technologies and innovative solutions for decarbonization.
  • Identifying new business opportunities in areas like carbon capture and utilization to drive economic growth and job creation.

Financial Sustainability:

  • Collaboration with the Ministry of Finance on a Sustainable Finance Framework to secure green finance for clean energy and carbon reduction projects.
  • Establishing a framework for a new carbon market to monetize carbon credits.

Supporting Omani Exporters:

  • Working with the Ministry of Energy and Minerals on carbon certification standards to help Omani exporters navigate regulations in major markets like the US, EU, and Japan.

Transparency and Accountability:

  • Developing a platform for industries and businesses to track their GHG emissions, promoting transparency in decarbonization efforts.
  • Supporting listed companies by aligning with the Capital Market Authority’s (CMA) ESG disclosure guidelines coming into effect in 2025.

Looking Forward:

The Oman Sustainability Centre’s comprehensive approach, encompassing policy, finance, technology, and social awareness, positions Oman for a successful transition towards a sustainable future. By implementing these initiatives, Oman can achieve Net Zero by 2050 while fostering economic growth and creating new opportunities.

Source: Oman Daily Observe

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