Oman Arab Bank (OAB) and First Carbon Investments (FCI) have formalized a Memorandum of Understanding (MoU) aimed at expediting the introduction of innovative clean technologies across the Middle East and North Africa (MENA) region. The MoU, endorsed by Sulaiman Al Harthi, CEO of OAB, and Peter Ellen, CEO of FCI, was inked in anticipation of COP28 UAE.
The partnership outlines OAB’s commitment to exploring funding avenues for projects identified by FCI, primarily focused on advancing the acquisition of carbon credits aiding the feasibility of emerging eco-friendly fuels like hydrogen, ammonia, and biofuels. With 2024 poised to witness global commitments exceeding $200 billion towards the next wave of green energy sources, FCI’s platform is tailored to accelerate the viability of these technologies, supporting global endeavors to curtail greenhouse gas emissions.
Expressing enthusiasm about the collaboration, Sulaiman Al Harthi, CEO of OAB, highlighted the partnership’s significance in steering sustainable energy system transitions. He emphasized the joint effort’s potential to catalyze positive impacts on the energy sector, global communities, and specifically, the populace of Oman.
Peter Ellen, CEO of FCI, echoed this sentiment, citing OAB’s influential role in Oman’s banking sector and its commendable history of fostering sustainable development. The collaboration aims to leverage financing opportunities to propel clean tech projects, thereby contributing to carbon emission reduction and fostering a more sustainable future.
Chairman of FCI, Prof John Wright, commended OAB’s foresight and leadership, particularly in light of the regional focus prompted by COP28.
The MoU between OAB and FCI signifies a pivotal step forward for Oman’s clean energy and sustainability sector. Leveraging their expertise and resources, both entities are positioned to significantly accelerate the implementation of new clean technologies, poised to replace fossil fuels.
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