Oman 6th in world, 1st in MENA in renewable energy regulatory index

Muscat – A new World Bank report on energy policies and regulations ranks Oman sixth in the world and first in the Middle East and North Africa in Renewable Energy regulatory indicators.

The 2022 edition of the RISE (Regulatory Indicators for Sustainable Energy) report shows that many countries have embedded new policies to improve their energy independence and minimise energy costs in their COVID-19 recovery plans.

The report shows Oman has achieved good position in the regulatory indicators for renewable energy and electricity access. According to the report, 100 per cent of Oman’s population has access to electricity and clean cooking.

The sultanate scores high in renewable energy indicators such as legal framework for renewable energy (score of 100), planning for renewable energy expansion (100), incentives and regulatory support for electricity (94) and attributes of financial and regulatory incentives (92).

Overall, the RISE report ranks Oman second at the GCC level, fifth in MENA, and 38th globally.

In the GCC, the UAE – with a score of 81 – is ranked 33rd overall, followed by Oman (score of 78), Saudi Arabia (73), Qatar (70), Bahrain (63) and Kuwait (56). The figures indicate Oman’s robust progress in achieving the goals of Oman Vision 2040, including the global competitiveness index.

The accomplishment also reflects the positive aspect of applied policies and regulatory frameworks in Oman.

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 liberalisation – 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 covers 140 countries, representing more than 90 per cent of the world’s population.