The Environment Authority (EA) said that it is adopting a set of innovative financial policies and strategic initiatives to keep pace with Oman’s 2050 carbon neutrality objectives.

This approach, it explained, involves obtaining funding from the Green Climate Fund (GCF) along several tracks, which include boosting accreditation and readiness and developing proposals for projects, partnerships and international cooperation.

The Environment Authority plays a leading role as a partner in devising environmental projects that are eligible for funding, notably through the development of the National Adaptation Plan (NAP).

It also works in cooperation with global bodies like the Green Climate Fund to develop the National Climate Change Adaptation Plan (NAP), which seeks to identify priority needs, devise a national strategy for financing of the NAP and cooperate to open up pathways for green financing.

The Environment Authority has signed a cooperation programme with the Global Green Growth Institute (GGGI), with the aim of facilitating access to green financing and supporting the parties concerned, to enable them to communicate directly with the GCF and focus on nature-based solutions.

The Environment Authority lays emphasis on land reclamation and mangrove restoration projects due to the projects’ dual role in adaptation and carbon sequestration.

The EA also keeps updating the Climate Affairs Management Regulation, with the aim of better monitoring the performance of companies and establishments (in terms of impact mitigation and adaptation), in addition to providing an efficient framework that supports transition to green practices.

Khalid Al Balushi, Acting Director General of Climate Change at the Environment Authority, told the Oman News Agency (ONA) that the Accreditation and Readiness Programme is a mechanism that requires national bodies to gain accreditation or to work through accredited entities to build national capacities, by enabling local institutions to become direct points of access that are accredited by the GCF.

A banking establishment in Oman has been selected as an accredited institution by the GCF.

Its role includes coordinating project funding requests and benefiting from the GCF "Readiness Programme", through which this banking establishment seeks to obtain grants from the GCF to enhance its ability to develop climate projects and devise national adaptation plans and national action plans for green growth.

Al Balushi pointed out that the establishments concerned rely on partnerships to enhance access to financing and project implementation opportunities like "international cooperation", which involves working with international organisations accredited by the GCF (like the Food and Agriculture Organisation or the GGGI) to submit joint project proposals and to engage the private sector through the attraction of private financing for climate projects.

The Green Climate Fund encourages the use of public resources to improve risk forecasting for private investments.

For Oman, climate finance gains significance for four main reasons that are linked to the country’s economic and environmental transition: Firstly, “Achieving carbon neutrality” to provide necessary financing for investments required in sectors like renewable energy and clean transport; Secondly, “Promoting and diversifying the green economy” to build a resilient infrastructure and developing new and sustainable economic sectors—thus supporting Oman Vision 2040; Thirdly, “Adapting to the effects of climate change” and this involves financing of vital projects to enhance coastal resilience, protect water resources and support sustainable agriculture—thus reducing the impact of climate phenomena on communities; and Fourthly, “Attracting private and international investment” to help devise a clear regulatory and financial framework for sustainable financing that contributes to increasing the confidence of foreign investors and private sector enterprises, encouraging them to invest in green projects in Oman.