The first of its kind in the Sultanate of Oman, an 8-year sustainable financing deal worth US$35 million was announced in line with the United Nations Sustainable Development Goals. Under this facility, credit margins will be adjusted based on the progress of the company’s sustainability targets.
A US$94 million facility in the south of Oman covers an area of 4 sq km and produces up to 100 MW of electricity directly from sunlight through solar panels. Operations are expected to provide fuel savings equivalent of 95.5 million m3 of gas annually.
Oman’s first wind-based power project aims to produce at least 20% of electricity from renewable energy sources by 2025. The project is spread over 10 sq km with investments amounting to US$100 million.
With winds blowing at a force sufficient to generate electricity, the Sultanate of Oman has invested over US$449 million towards a wind farming energy project in coastal areas including Sur, Jalan Bani Bu Ali, Duqm, Shaleem and Sadah.
Strategic ESG policies are being set to attract green financing for climate change FDIs - aligning efforts to meet the IMO requirements to reduce CO2e by 40% in 2030 and 70% by 2050 in support of the Oman Vision 2040 and the resultant sustainability drive.
Oman’s Airport Authority is working within national efforts aimed at promoting environmental sustainability. An agreement was signed emphasising its role in the circular economy of cities to maximise the sustainable value of environmental resources.