Oman has launched a sustainable finance framework, eyeing ESG investment and reduced fossil fuel reliance.
Oman has unveiled a sustainable finance framework late Wednesday. This move aims to lessen its dependence on fossil fuels and attract ESG investors.
The Sultanate's new initiative involves issuing green, social, and sustainability bonds. It will also include loans and sukuk, which are Islamic law-compliant bonds. The funds from these instruments will support renewable energy projects.
As part of Oman's Vision 2040, the country aims for significant economic shifts. Launched in 2021, this plan aims to reduce oil's GDP share. By 2030, the goal is to cut it to 16% and further to 8.4% by 2040. This is a substantial decrease from the 39% in 2017.
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