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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Riyada moots ‘green funds’ for financing SME eco-projects

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MUSCAT, DEC 31 - The importance of ‘green funds’ — national investment vehicles that will support renewables-based and climate-mitigation initiatives — is key to helping Omani small and medium enterprises (SMEs) build their capacities in order to take advantage of business opportunities arising out of the Sultanate’s transition to renewables, according to a key expert from Riyada. Batool al Mulaji, Senior Consultant at Riyada, also known as the Public Authority for SMEs Development, pointed out conventional sources of finance for small Omani businesses do not fully address the challenges faced by SMEs


“If you want to encourage SMEs, to create jobs and support economic growth, we also require ‘green funds’ to help build their capacities,” said Batool. “It’s true we have commercial banks, government banks and other agencies extending finance, but this funding is not enough if we want to drive the growth of energy-efficient green technologies and practices in the Sultanate.” Speaking at a seminar, focusing on the theme ‘Identifying Opportunities for Collaboration on Renewable Energy and Energy Efficiency’, also referenced the ‘Green Helpdesk’ initiative of ESCWA which was launched as a pilot in 2012 to help Omani SMEs migrate their activities to renewables related ventures.


“We witnessed a lot of demand from Omanis, and SMEs in particularly, eager to their green projects. Through workshops, awareness campaigns and training courses, Riyada was involved in introducing SMEs to opportunities in this emerging space. Although there isn’t any regulation in place governing renewables, there is still considerable interest from people eager to understand the Green Helpdesk concept. Adding to this interest is the recent decision by the Distribution Code Review Panel (DCRP) of the electricity sector that has limited any role in small scale renewables to SMEs.”


Riyada, for its part, is also assisting SMEs make the most of emerging opportunities being spawned by the Sultanate’s adoption of solar PV as well as the campaign to advance energy efficiency, said Batool.


“Right now we are working with SMEs interesting in promoting energy-efficient building materials, to understand the specifications thereof, and so on. We also supported the training of some entrepreneurs in the sourcing of materials for green buildings. Our present focus is on helping SMEs take advantage of solar PV installation opportunities,” she added.


Conrad Prabhu


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