Ad Dākhilīyah

Shamāl ash Sharqīyah

Janūb al Bāţinah

Masqaţ

Al Wusţá

Shamāl al Bāţinah

Musandam

Az̧ Z̧āhirah

Al Buraymī

Janūb ash Sharqīyah

Z̧ufār

Oman

increase share of renewables of total energy consumption to 20% by 2030 and 35-39% by 2040

increase GDP per unit of energy use to 14.57 or top 40 countries by 2030 and to 74.69 or top 20 countries by 2040

increase environmental performance index to 65.46 or top 40 countries by 2030 and to 74.69 or top 20 countries by 2040

increase non-oil revenue to GDP ratio to 15% in 2030 and 18% in 2040

increase non-oil share of GDP to 83.9% in 2030 and 91.6% in 2040

Oman Biennial Transparency Report. BTR1

In January 2024, the Government of Oman, represented by the Ministry of Finance, took a historic step and unveiled a sustainable finance framework to aims to reduce its reliance on fossil fuels and attract environmental, social and governance (ESG) investors in line with the Government's efforts to promote foreign direct investment in the country.&nbsp;
The framework outlines Oman's plans to issue financial instruments like green, social and sustainable bonds as well as loans and sukuks (i.e. bonds that comply with Islamic law) whose proceeds will be used to fund and refinance renewable energy projects. The framework emphasises Oman's commitment to addressing climate change including publishing its first update of the second Nationally Determined Contribution (NDC) in November 2023, which demonstrates the country's ongoing commitment to address the climate emergency and offers a comprehensive view of Oman's ambition to achieve net zero GHG emissions by 2050 by transitioning to sustainable, low-carbon economy as well as striving towards economic diversification.&nbsp;&nbsp;

The Muscat Stock Exchange (MSX) has become the first state regulator in Oman to issue environmental, social and governance (ESG) guidelines (Guidelines). The MSX was formerly known as the Muscat Securities Market, which was established in 1988 and continues to operate under Oman's Capital Market Authority, the regulator of publicly listed companies in Oman. The MSX underwent a restructure in 2001 and its key mandate currently focuses on facilitating the listing and trading of securities in Oman and monitoring and regulating the Omani securities market.
In issuing the Guidelines, the MSX set out 30 metrics to measure a public company’s impact on environmental sustainability, societal responsibility and governance matters, including the measurement of carbon emissions.
The Guidelines are intended to promote transparency and robustness of ESG reporting by encouraging voluntary reporting in 2024 (for activities conducted in 2023). Reporting will be mandatory for public companies from 2025 onwards, with the first mandatory reports to be filed by 31 March 2025. Moreover, the Guidelines also introduce regional-level environmental responsibility initiatives, such as reducing single-use plastics and paper waste while promoting recycling and clean energy use, as well as, underlines Oman's ongoing commitment in establishing an inclusive and sustainable economic development.
From 2025, public companies will be required to publish standalone ESG reports according to Global Reporting Initiative (GRI) Universal Standards. These reports must document changes in various performance metrics such as energy management sustainability oversight by senior management, ratio gender equality measures and diversity at various organisational levels.&nbsp;

The production of hydrocarbons has a dominant role in Oman's economy with oil and gas representing around 60% of the total export income. Therefore, in November of 2022, Oman announced its Natural Strategy for an Orderly Transition to Net Zero by 2025, in line with its efforts to tackle climate change. It sets a pathway for unlocking sources including renewable energy and hydrogen, whilst also decarbonizing existing hydrocarbon resources. To lead this transition towards a green economy, His Majesty Sultan Haitham Bin Tariq mandated the creation of the Oman Sustainability Centre, which aims to ensure the implementation of the National Net Zero Plan. The Centre will be the leading body undertaking the supervision and follow-up plans and programmes of carbon neutrality.&nbsp;

Geography

Oman

Recent documents

All

UNFCCC Submissions

Laws

Policies

Targets 5

increase GDP per unit of energy use to 14.57 or top 40 countries by 2030 and to 74.69 or top 20 countries by 2040

increase environmental performance index to 65.46 or top 40 countries by 2030 and to 74.69 or top 20 countries by 2040

increase share of renewables of total energy consumption to 20% by 2030 and 35-39% by 2040

About this geography