Agreement signed to accelerate deployment of clean technologies

MUSCAT: Oman Arab Bank (OAB) and First Carbon Investments (FCI) announced the signing of a Memorandum of Understanding (MoU) to accelerate the deployment of new clean technologies in MENA. The MoU was signed by Sulaiman al Harthi, CEO of OAB, and Peter Ellen, CEO of FCI, in advance of COP28 UAE.

Under the terms of the MoU, OAB will explore financing projects identified by FCI to advance purchase carbon credits that help accelerate the viability of new green fuels such as hydrogen, ammonia and biofuels.

In 2024, global commitments to the next wave of green energy sources will exceed $200bn. FCI has developed a platform to accelerate the viability of new green technologies destined to support global efforts of limiting greenhouse gas emissions.

Speaking at the signing ceremony, Sulaiman al Harthi, CEO of OAB, said: “This partnership marks a significant milestone in our efforts in promoting the shift towards sustainable energy systems. We look forward to collaborating together to develop and finance projects that will have a tangible and positive impact on the energy industry, the wider global community and more specifically the lives of the people of Oman.” Peter Ellen, CEO of FCI, said: “We are excited to partner with Oman Arab Bank to support our platform for accelerating clean technologies at scale. OAB is a leading bank in Oman with a strong track record of supporting sustainable development. We look forward to working together to develop financing opportunities which will accelerate new clean tech projects that will help reduce carbon emissions and create a more sustainable future.”

Chairman of FCI, Prof John Wright added, “As a veteran banking leader, I commend OAB’s vision and leadership at a time when the spotlight is on the region with COP28”.

The signing of the MoU between OAB and FCI is a significant development for Oman’s clean energy and sustainability sector. The two companies have the expertise and resources to make a real difference in accelerating the deployment of new clean technologies emerging as fossil fuel replacements.