Oman affirms implementation of energy transition plan, investments worth more than $190bn by 2050

Business Wednesday 16/November/2022 17:11 PM
Oman affirms implementation of energy transition plan, investments worth more than $190bn by 2050

Sharm El Sheikh: The Sultanate of Oman has affirmed its commitment to support international efforts to cut down carbon emissions, alleviate the negative effects of climate change and implement a plan for energy transition and decarbonisation with investments of more than $190 billion by 2050.

This was unveiled by Abdullah Nasser Al Rahbi, Oman’s Ambassador to the Arab Republic of Egypt and its Permanent Representative at the Arab League during a speech before the 27th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP27) at Sharm El Sheikh in Egypt.

In his speech, Al Rahbi pointed out that Oman announced last October it set the year 2050 as the net zero carbon emissions deadline for all development sectors. “To this effect, Oman initiated a chain of detailed workshops and meetings between stakeholders at the national level,” Al Rahbi added.

Al Rahbi explained that Oman started to prepare a roadmap that includes cutting down emissions of specific projects across various sectors such as renewable energy projects, energy efficiency projects and projects involving gas-burning operations and methane emissions by using advanced monitoring techniques like satellites and thermal cameras.

Oman is finalising a national policy for an energy transition that focuses on setting a general framework, policies and regulations on accelerating the transformation process in sectors of hydrogen, renewable energy, energy efficiency and capturing, transfer, use or storage of carbon, said Al Rahbi.

He noted that Oman attaches special importance to the aspects of adaptation to the effects of climate change. “This was due to the increasing number and severity of impacts of these changes on our country, including a sharp rise in temperatures during the summer months and chances for higher intensity of cyclones and climatic conditions which cause human and material losses that might cost billions of dollars every year,” Al Rahbi said.

He added that Oman took the initiative by pumping billions of dollars to establish modern early warning systems, build an integrated system of storage and protection dams, improve urban planning and drainage facilities and consolidate infrastructure such as streets, water, electricity and communications to enhance response to climatic hazards and limit associated damages.

In his speech, Al Rahbi stressed that Oman also developed a system of terrestrial, humid and marine natural reserves - about 25 reserves housing many types of wildlife breeding centres to save endangered species of wildlife from extinction.

In the same context, a national campaign was launched to plant millions of wild trees, mangroves and coral reefs in various parts of Oman, in addition to encouraging different segments of society to plant trees in various environments and urban communities, Al Rahbi said.

He reiterated Oman’s endeavour to support regional efforts, by all means, noting that during COP27, Oman Investment Authority (OIA) signed a memorandum of understanding with the ACWA Power Company of Saudi Arabia to explore joint investment opportunities in renewable wind energy projects with a capacity of (1.1Gw) in Egypt.

Oman welcomes all forms of cooperation and partnership at different levels, notably in the field of the energy transition, providing clean energy and low-carbon products, as well as cooperation in the areas of carbon certificates, natural solutions for carbon sequestration and the development of monitoring and early warning systems, Al Rahbi concluded.