According to the Oman News Agency, the Environment Authority of Oman is launching a number of strategic projects and fiscal policies to meet the country’s 2050 carbon neutrality goal. According to the authorities, the strategy focuses on obtaining Green Climate Fund financing to assist with environmental projects. To further Oman’s climate goals through green financing, these initiatives include improving accreditation and preparedness, creating project ideas, and establishing global alliances. Together with the GCF and other international partners, the EA is contributing significantly to the creation of the National Adaptation Plan.

According to ONA, the plan aims to determine Oman’s top priorities, create a national climate finance strategy, and increase access to green financial opportunities. The Global Green Growth Institute and the authorities have also inked a collaboration agreement. The agreement intends to increase support for parties involved in nature-based solutions throughout the Sultanate and facilitate access to green finance. ONA claims that because land reclamation and mangrove restoration have a dual effect on adaptation and carbon sequestration, the EA is placing a strong emphasis on both. In order to improve corporate accountability and promote the shift to sustainable business practices, the authority is also revising the Climate Affairs Management Regulation.

The updated rule provides a framework for keeping an eye on businesses’ and institutions’ environmental performance. It seeks to guarantee that businesses actively support the objectives of adaptation and emission reduction. The EA’s acting director-general of climate change, Eng. Khalid bin Mohammed Al Balushi, informed ONA that Omani institutions can directly access GCF resources through the certification and readiness programme. He clarified that by enabling local entities to become recognised or work with accredited organisations to administer climate financing, the process increases national capacity.

A banking institution in Oman has already received accreditation from the GCF. To strengthen its ability to create national adaptation and green growth plans, as well as to design climate initiatives, it will coordinate financing requests and apply for readiness funds. According to Al Balushi, in order to increase project implementation prospects and broaden access to funding, the EA depends on international alliances. He pointed out that Oman can submit joint project proposals and involve the commercial sector in climate initiatives by working with groups like the Food and Agriculture Organisation and the GGGI. In order to speed up funding for green projects, he continued, the GCF promotes the use of public funds to enhance risk forecasting and lower uncertainty for private investors.