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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.

Oman is facing challenges with its power supply and fossil fuel reserves. This is due to population growth and rapid industrialization. The finance ministry acknowledges the importance of renewable energy technologies in its report.

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.

Samira is an Electronics and Communications Engineer by profession, but deep inside, her heart is a nomad! She's a state champion debater, a public speaker, a scriptwriter, a theater actress, but most importantly — A GREEN CITIZEN! She thinks of herself as a storyteller who thrives on enjoying the life at fullest and telling everyone the tales of life.

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