Oman Hits New Heights in energy regulation

Muscat: The Sultanate of Oman achieved advanced places in Regulatory Indicators for Sustainable Energy (RISE) affiliated to the World Bank.

Oman occupied first place in RISE at the level of GCC states and the Middle East and North Africa (MENA) region. It also ranked 6th globally on the same index.

In the General Level of Sustainable Energy Regulation index, Oman ranked second among GCC states, 5th among MENA countries and 38th at the global level.

The figures indicate Oman’s robust progress in achieving the goals of Oman Vision 2040, including the global competitiveness goal.

The accomplishment also reflects the positive aspect of applied policies and regulatory frameworks in Oman. This will contribute to attracting investments in areas related to the energy sector and generating opportunities for training and employing for Omanis.

The Authority for Public Services Regulation said that one of the most important factors that contributed to Oman’s accessing these high rankings is the attention that the government and relevant authorities accorded to developing sustainable energy spheres and providing necessary enablers through approved plans to implement the transition to alternative energy and diversify its sources.

Other factors include market liberalization (through bilateral sales and spot market), adopting a national strategy for an orderly transition to zero neutrality (in carbon emissions), establishing the Oman Sustainability Centre, setting regulatory frameworks for environment-friendly vehicles, sector-based governance, setting the necessary incentives to support areas related to renewable energy and backing up initiatives.

RISE, which deals with national policies and regulatory frameworks for sustainable energy, covers 140 countries, representing more than 90% of the world’s population. It is considered a reference for policy maker, helping them to standardize their regulatory frameworks in the areas of renewable energy regulation.