LoginPublished by: Mana Honar Pisheh
Dec 15,2022
With a power score of 2.09, Oman ranks number 19 among emerging markets and number 40 in the global ranking.
Low-carbon strategy
Net-zero goal and strategy
Oman does not have a net zero goal or strategy as of September 2021 due to its high dependence on oil and LNG.
The country is reportedly considering taking on a zero emissions target by 2050, but no formal legislation or plan has been made yet.
Nationally Determined Contributions (NDC)
Oman aims to slow greenhouse gas emissions growth and reduce them by 7% in 2030, compared to the business-as-usual scenario where emissions are predicted at about 125 MtCO2e. The country intends to reduce 4% of these emissions based on national efforts, and eliminate the balance 3% via grants and financing in addition to capacity building, institutional strengthening and access to appropriate technologies.
Fossil fuel phase-out policy
The country has no policy to phase out fossil fuels due to its high dependence on oil and LNG, but has a plan to taper down imports of LNG from Qatar.
Suggested markets
Saudi Arabia
Power
Power policy
Oman has two different plans to transition to cleaner and more sustainable energy. The first one is a target of 16% electricity generation by 2025 and 30% by 2030. The second one is from the strategic document “Oman 2040 Vision”, which targets 20% renewable energy consumption by 2030 and 35-39% by 2040. Over 3,200MW of projects have been auctioned as of October 2022, including solar, wind and battery storage. In addition, financial incentives such as the government-led subsidy for rooftop solar for residential customers and support for foreign investment can spur renewable energy uptake in the country.