Oman has finalised the draft of its general policy framework for carbon markets, an initiative led by the Sultanate's Environment Authority. This comprehensive 52-page document aligns with the Paris Agreement’s Article 6 and outlines the country's strategy to establish itself as a leading carbon trading hub in the Middle East.
Sunrise over the landscape of Jabal Akhdar Forest in Oman. AI generated picture.
The framework covers critical areas such as the registration and issuance of carbon reduction certificates, fee structures, transparency measures, and reporting guidelines. It also details the relevant registries that will support the carbon market operations.
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The draft has garnered positive feedback from international institutions and experts specialising in carbon markets. This recognition underscores Oman's commitment to achieving a carbon-neutral future.
To ensure comprehensive stakeholder engagement, a technical workshop will be held in Muscat in mid-September. This workshop will allow key stakeholders to review and provide input on the finalised framework.
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The official launch of the policy framework is scheduled to take place at the COP29 climate conference in November, which will be held in Baku, Azerbaijan. This launch will mark a significant milestone in Oman’s journey towards becoming a pivotal player in the global carbon trading market.
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