Oman ranked 3rd in MENA region for green energy ambitions

Key results: A total of 136 countries, including 107 emerging market economies and 29 developed countries, were covered in the Bloomberg assessment.

BUSINESS REPORTER

MUSCAT, FEB 19

The Sultanate of Oman has secured the third position in an index of countries in the Middle East and North Africa (MENA) region ranked according to their commitment to renewable energy development to secure their long-term economic development. The findings, published by Bloomberg, also place the Sultanate of Oman 15th among emerging economies and 38th globally in 2021.

The Bloomberg ranking is based on an assessment of a country’s investment in a diversified energy mix and its ability to attract capital for low-carbon technologies in building a greener economy. A total of 136 countries, including 107 emerging market economies and 29 developed countries, were covered in the assessment.

In a post, the Authority for Public Services Regulation (APSR) noted that the prestigious ranking for the Sultanate of Oman is a reflection of the country’s ambitious strategy to diversify energy sources by expanding renewable energy projects to help reduce carbon emissions while safeguarding the environment.

It noted that the Omani government has developed a policy that advocates a transition to renewable and alternative energy as part of its Oman Vision 2040 strategy with the aim of securing at least 39 per cent of the total energy supply from renewables by 2040. This vision has been enshrined in regulatory frameworks oversee by APSR.

Earlier in January, the Sultanate of Oman launched the Middle East’s first Electricity Spot Market with the aim of further liberalising the electricity market and attracting more investment in renewable energy.

Further, the launch of a new solar PV project in Ibri in Al Dhahirah Governorate — the largest renewable energy venture to date in the Sultanate of Oman — is a further outcome of this policy. The 500 MW plant, set on an area of 13 million sq metres, involved an investment of RO 155 million.

A 50 MW wind farm has also been operational in Dhofar Governorate.

Another mega solar-power project is due to come up in Manah wilayat, for which a contract award is anticipated before the end of this year. (With inputs from ONA)