Oman: Green Alliance formed to accelerate carbon credit investments, afforestation

Muscat – In a significant move towards environmental sustainability, Environment Authority (EA) has signed a cooperation agreement with Oman Energy Association (OPAL) to implement an initiative called Green Alliance.

The agreement was signed at a ceremony attended by Abdullah bin Ali al Amri, Chairman of Environment Authority, and Mohammed bin Hamoud al Naabi, CEO of OPAL.

The Green Alliance initiative aims to foster collaboration between private sector companies, particularly those in the energy sector, under the leadership of OPAL and EA. It focuses on investing in afforestation by planting wild trees and capitalising on carbon credit returns.

Green Alliance is aligned with Oman Vision 2040 and supports the country’s long-term goals of achieving zero carbon neutrality by 2050. It underscores the optimal utilisation of natural resources, enhances the economic value of environmental resources and promotes community awareness on environmental sustainability.

One of the key objectives of the initiative is to increase green cover across Oman, which will be carried out through afforestation projects in various governorates. These projects are expected to not only bolster the country’s environmental credentials but also generate economic benefits through carbon credits.

Emphasising the importance of this cooperation, EA stated that it would play a crucial role in protecting and sustaining natural resources while helping the private sector meet its environmental responsibilities.

The partnership is seen as a significant step in Oman’s efforts to enhance environmental protection and sustainability, as it brings together key stakeholders from both the public and private sectors in the shared mission of safeguarding the nation’s ecological wealth.

The authority has been working towards generating carbon credits through new projects. In October last year, EA and MSA Green Projects inked an agreement to launch Oman Blue Carbon, a project for cultivation of 100mn mangrove trees in Al Wusta.

Marking a first for Oman, the project aims to generate carbon credits through mangrove cultivation. It anticipates an investment of US$100mn to transform 20,000 hectares of land in Al Wusta into suitable habitat for over 100mn mangrove trees.

Scheduled for completion in four years, the project seeks to eliminate 14mn tonnes of carbon dioxide and forecasts an estimated financial return of US$150mn through blue carbon credit certificates.

Mangrove and tidal marsh ecosystems are notable for their ability to capture and store significant volumes of coastal blue carbon, contributing to climate change mitigation. Mangroves play an essential role in regional ecosystems, offering vital protection against beach erosion, maintaining ecological balance and nurturing the growth of commercially significant fish and other marine species. Another major project running since January 2020 is planting 10mn wild tree saplings in the next ten years.