Oman ranks third in MENA for renewable energy transition

Oman ranks third in MENA for renewable energy transition

Muscat – Oman is ranked third in the Middle East and North Africa in renewable energy transition, 15th among emerging economies, and 38th globally, according to the 2021 Climatescope assessment report published by Bloomberg.

Climatescope is a market assessment and an index that evaluates the conditions for energy transition investment globally and the ability to attract capital for low-carbon technologies while building a greener economy. It also provides a snapshot of where clean energy policies and financing stand today and a guide to what can happen in the future.

This year, the assessment gathered detailed information on 136 markets globally – 107 emerging markets and 29 developed nations.

In MENA, the top five countries include Nigeria, South Africa, Oman, Namibia and Jordan. UAE is sixth, while Saudi Arabia is 16th, Qatar 36th and Kuwait 47th. Bahrain was not assessed.

Oman’s remarkable ranking is a result of its adoption of an ambitious strategy to diversify its energy sources by expanding renewable energy projects in a way that benefits the environment and reduces carbon emissions.

The sultanate has set a policy for the transition to alternative energy – as part of Oman Vision 2040 – to reach an average of 39 per cent of the total energy