MUSCAT: Oman Sustainability Centre (OSC), tasked with orchestrating the delivery of the country’s Net Zero strategy, has embarked on the development of two key initiatives: a Carbon Market to support trades in carbon credits, and a platform for measuring and reporting greenhouse gas (GHG) emissions.
OSC Project Director Khalid Salim al Ghammari said the initiatives are part of the Centre’s broad mandate to support Oman transition into a Net Zero economy by 2050.
Participating in a panel discussion hosted by the Oman-French Association (OFA) recently, Al Ghammari said the Centre has already begun coordinating with various government entities and stakeholder institutions on strategies to deliver on its chief goal.
The Centre, he explained, has three key functions: Firstly, it will advise the policymaker – the Ministry of Energy and Minerals – on the importance of ensuring that decarbonisation guidelines and regulations are harmonized across different sectors of the economy.
The second function enshrines a commitment to ensure that GHG-emitting industries, while decarbonizing their operations, continue to contribute to the country’s economic development.
Thirdly, achieving the all-important Net Zero goal will necessitate a commitment from all sections of the economy, including members of society. To this end, OSC will support capability-building and strengthen awareness through initiatives encompassing schools all the way to universities and the wider community as well, he said.
Also as part of its remit, the Centre plans to draw up a detailed carbon-reduction plan covering the next 25 years through to 2050. This will be done in coordination with all stakeholders, including the policymaker, industries and corporate sector players, the Project Director noted. He added that decarbonisation will be sought to be achieved through the deployment of effective technologies and innovative solutions, thereby ensuring that industries do not view carbon mitigation as a burden.
Furthermore, in tandem with decarbonisation efforts, the Centre will identify emerging business opportunities that can be harnessed during the transition journey. These opportunities, notably in the field of carbon capture and utilisation, will not only drive economic growth, but support job creation as well, he pointed out.
Reflecting OSC’s broad-based mandate, the Centre has been collaborating with the Ministry of Finance in the formulation of a Sustainable Finance Framework to help clean energy and carbon-mitigation initiatives secure green finance. At the same time, opportunities to monetize carbon credits linked to clean energy and decarbonisation projects will be actively explored as well, he said, adding that a framework for a new carbon market will be established too.
Additionally, the Centre plans to work with the Ministry of Energy and Minerals on the issue of carbon certification standards for the benefit of Omani exporters targeting jurisdictions such as the United States, European Union and Japan, among others. The goal, he said, is to help local industries navigate the complex and disparate regulatory regimes expected to be in force in these markets.
Another key initiative already making headway is a platform that will help industries and businesses ascertain their greenhouse gas (GHG) emission intensity. Designed to ensure transparency in decarbonization efforts, this platform will also play an important role when the Capital Market Authority (CMA) begins enforcing ESG disclosure guidelines for listed companies starting from 2025.
Al Ghammari was joined in the panel discussion by Goran Gramatikov, Global Business Development Manager – Apave; Nahla Abid-Gribaa, Vice President – Bureau Veritas; Dr Firas al Abduwani, Director General for Renewables and Hydrogen – Ministry of Energy and Minerals; and Dr Abdullah al Abri, Oman Consultant – IEA. Dr Khalil al Hanashi, Coordinator – National Hydrogen Alliance (Hy-Fly), was the moderator.
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