Oman's green energy policy to drive low-carbon shift
MUSCAT: A key policy issued by the Ministry of Energy and Minerals recently, enabling the self-generation and direct sale of electricity from renewable sources, has been described as a strategic catalyst in Oman's shift towards a low-carbon future.
Eng Mohsin al Hadhrami, Under-Secretary of the Ministry of Energy and Minerals, hailed the regulation, titled 'The Policy on the Use of Renewable Energy for Self-Generation and Direct Sale of Electricity' as 'strategic stride to accelerate the transformation of the energy sector and amplify the contributions of renewable sources to the national energy mix.'
In an interview featured in 'Wealth', the monthly newsletter of the Ministry, Al Hadhrami represents a bold effort by the government to further liberalise Oman's electricity market. Per this policy, eligible generators can sell output from renewable sources, chiefly solar and wind, directly to eligible consumers (typically large industrial and commercial entities), without the need to engage with the country's sole offtaker, Nama Power and Water Procurement Company. The policy outlines a regulatory framework governing the transit of electricity through the national grid, ensuring stability and operational efficiency.
Mohsin al Hadhrami
Importantly, the policy sets out a clear pathway for small-scale users, notably households and farms, to consider self-generation to support their individual energy requirements. Any surplus generation can be potentially monetised as well.
For investors and developers, the policy unlocks the possibility of entering into direct contracts with consumers—a paradigm shift that is expected to spur innovation and give rise to new business models in the energy space.
'From an investment perspective, the policy represents a golden opportunity to attract both foreign and domestic capital, as the Sultanate of Oman offers a transparent legislative environment and robust investment incentives,' the Under-Secretary said.
'This strategic alignment is concordant with Oman Vision 2040, which sets forth targets for the generation of 30% to 40% of electricity from renewable sources by 2030, mounting to 60% to 70% by 2040. These efforts are consistent with global endeavors to reduce carbon emissions, as well as the Sultanate's own vision to increase the share of renewable energy and enhance energy efficiency by 2030.'
Additionally, the policy is expected to spark a wave of industrial investments and technological investments, according to the official. It promises to open up new avenues for local enterprises in sectors such as solar panel manufacturing, energy storage, and green technology development. This local value creation is critical to Oman's broader economic diversification strategy, reducing reliance on fossil fuels while nurturing a homegrown green economy.
In essence, the policy represents a strategic step towards a sustainable and low-carbon economy towards a sustainable and low-carbon economic paradigm, wherein environmental imperatives are seamlessly integrated with avenues for investment, all within the framework of an ambitious national vision that anticipates a green and prosperous future.
It solidifies Oman's position as a key nexus in the future of green energy in the region and the world, he added in conclusion.
2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (Syndigate.info).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arabian Business
an hour ago
- Arabian Business
EU removes UAE from ‘high-risk' money-laundering list
The EU has removed the UAE from its high-risk money-laundering list. The European Commission has updated its list of high-risk jurisdictions presenting strategic deficiencies in their national anti-money laundering and countering the financing of terrorism (AML/CFT) regimes. The UAE was among eight countries removed from the list, while a further 10, including Lebanon were added to the high-risk list. UAE EU money-laundering boost EU entities covered by the AML framework are required to apply enhanced vigilance in transactions involving these countries. This is important to protect the EU financial system. Jurisdictions which were delisted by the EU were: Barbados Gibraltar Jamaica Panama Philippines Senegal Uganda UAE Jurisdictions were added to the list were: Algeria Angola Côte d'Ivoire Kenya Laos Lebanon Monaco Namibia Nepal Venezuela The updated list takes into account the work of the Financial Action Task Force (FATF) and in particular its list of 'Jurisdictions under Increased Monitoring'. As a founding member of FATF, the Commission is closely involved in monitoring the progress of the listed jurisdictions, helping them to fully implement their respective action plans agreed with FAFT. Alignment with FATF is important for upholding the EU´s commitment to promoting and implementing global standards. The Commission said it had 'carefully considered the concerns expressed regarding its previous proposal and conducted a thorough technical assessment, based on specific criteria and a well-defined methodology, incorporating information collected through the FATF, bilateral dialogues and on-site visits to the jurisdictions in question'. Article 9 of the 4th Anti-money Laundering Directive (4AMLD) mandates the Commission to regularly update the list of high-risk third-country jurisdictions.
Khaleej Times
4 hours ago
- Khaleej Times
How Dubai is using smart packaging, AI to measure food freshness, ensure safety
Dubai is using technology to ensure food safety, applying innovative ways to go the extra mile when it comes to identifying risks to public health and detecting violations through meticulous inspections. Dubai Municipality has also launched the second edition of the Dubai Food Elite (DFE) programme to build a culture of food safety in the emirate A unified permit system by Dubai Municipality has cut down the time taken for business operators to apply for permits by 75 per cent. The time required to apply for permits dropped from 40 minutes to 10 minutes which helped rejection rates plummet 80 per cent. The second edition of the DFE aims to include more than 500 establishments and further promote a culture of excellence in Dubai's food sector. Last year, several restaurants were granted the special status for going above and beyond to maintain food safety standards. Stay up to date with the latest news. Follow KT on WhatsApp Channels. The third edition of the Dubai Food Safety Forum took place on Tuesday and brought together representatives from the UAE Ministry of Climate Change and Environment, the UN Food and Agriculture Organisation (FAO), and other members of the public and private sector organisations, as well as academic institutions. According to Sultan Al Taher, Director of Food Safety Department at DM, the emirate of Dubai goes the extra mile to ensure food safety. 'We have 26,000 food establishments in Dubai and more than 350,000 food handlers,' he said. 'We are receiving about 8 million tons of food yearly through the emirate of Dubai. The food safety department oversees inspection of these facilities, and we carry out more and more inspections. We have around 60,000 food inspections every year.' The civic body uses technology to predict risks to food safety and prevent accidents. According to food safety officer Abdulazim Alsadani, some food products have smart packaging which gives real-time information about the product, like temperature and freshness. Additionally, they use artificial intelligence and other technology to foresee problems and risks. This helps them put in place preventive measures even before violations occur. Bobby Krishna from the food safety department reiterated that the aim of the DFE was for businesses to take ownership. 'We want to incrementally improve the culture,' he said. 'Food safety should not be the business of the leaders. It should be a joint effort by the entire team.' He added that the DFE was different from regular food inspections. 'Inspections look at violations specifically and check whether restaurants comply with the regulations,' he said. 'Meanwhile, DFE recognises and rewards those institutions which have a food safety culture.'
Khaleej Times
5 hours ago
- Khaleej Times
Millions in fines, tough laws: How UAE fought out of EU watch list
The European Union (EU) on Tuesday removed the UAE from its list of 'high-risk' countries for money laundering, enhancing the country's status as a global financial hub. This move follows the UAE's removal from the grey list of the global watchdog for money laundering and terrorist financing – Financial Action Task Force (FATF) last year. In recent years, the UAE has implemented a series of stringent measures to combat financial crimes, introducing tougher legislation and stricter enforcement of Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) laws. Last month, the Central Bank of the UAE imposed a substantial fine of Dh200 million on an exchange house for serious non-compliance with the AML/CFT and related regulations. In a separate action, the regulator also fined the branches of two foreign banks a combined Dh18 million for similar violations. On Tuesday, the Central Bank announced a penalty of Dh12.3 million against six money exchange houses for breaches of the country's money-laundering laws. Altogether, the UAE has levied hundreds of millions of dirhams in financial penalties to ensure compliance with its regulatory framework. Importantly, the EU's decision comes at a pivotal time as the UAE and the European Union have formally begun negotiations for a bilateral free trade agreement. If successful, this would mark the first comprehensive EU trade deal in the Gulf region. The UAE is already the EU's leading export destination and foreign direct investment partner in the Gulf. EU exports to the Emirates have increased by 15 per cent over the past year and by more than 48 per cent since 2019. Meanwhile, EU investments in the UAE have reached €186 billion (Dh780 billion). The removal of the UAE from the EU's high-risk list is expected to accelerate the progress of the trade talks and deepen economic ties between the two regions. In addition to the UAE, Barbados, Gibraltar, Jamaica, Panama, the Philippines, Senegal, and Uganda were also removed from 'high-risk' countries list. At the same time, Algeria, Angola, Ivory Coast, Kenya, Laos, Lebanon, Namibia, Nepal, and Venezuela were added to the list.
