The Sultanate of Oman's recent affiliation with the Global Alliance on Green Economy (GAGE), an esteemed international forum dedicated to enhancing the capabilities of its members in transitioning towards a decarbonized economy, is regarded as pivotal in securing sustainable climate finance, among other environmental advantages.
Established by the World Green Economy Organisation (WGEO), GAGE facilitates member states' access to both technical and financial support for the development of their domestic green economies. It also promotes the exchange of technology and tools related to the green economy, encourages discussions on green economy policies, strategies, and methodologies, and aids in the creation of employment opportunities. Oman's participation in this initiative was announced during the 29th Conference of the Parties (COP29) held in Baku, Azerbaijan, last week. Muscat was among a select few countries to join GAGE, which now encompasses 90 member states.
Although relatively new in the global arena of green energy, GAGE has rapidly expanded to include 90 countries, highlighting the pressing need for decisive action to mitigate the impacts of climate change and to expedite the shift towards a low-carbon economy worldwide. GAGE has issued a warning that adhering to a 'business as usual' approach could lead to a significant increase in global temperatures by 2.8 degrees Celsius by the end of the century.
As a member of GAGE, Oman commits to contributing to the collective global effort in reducing carbon emissions responsible for global warming. The alliance aims to strengthen international cooperation by establishing robust partnerships among all stakeholders.
A critical aspect of its mandate is to foster climate planning and sustainable financing, areas of considerable importance to Oman. For instance, GAGE has committed to increasing awareness and enhancing the capacities of member states to engage in carbon markets and non-market mechanisms for the implementation of clean energy projects.
Another primary goal of the Global Alliance for Green Energy (GAGE) is to propel climate action within the designated sectors highlighted in a member state's Nationally Determined Contributions (NDCs) and Long-Term Low Emissions Development Strategies (LT-LEDS), with a particular emphasis on energy and transportation, to accelerate the transition to clean energy. Concurrently, the coalition seeks to assist nations in accessing additional and more substantial climate finance by improving their supportive environments.
At the most recent gathering of GAGE, which took place in Baku last week, the alliance unveiled a new portfolio of viable green projects submitted by its member states. Furthermore, it extended a call for more viable green projects from its members, with the objective of executing a broader array of impactful initiatives in the forthcoming year.
Each member state has been urged to submit further project proposals, which will undergo a meticulous evaluation to determine their potential to advance the transition to a green economy. Proposals are expected to align with GAGE's strategic focus areas, which include Sectoral Climate Action, supporting Nationally Determined Contributions (NDCs) and long-term low greenhouse gas emission development strategies (LT-LEDS) for emissions reduction; Article 6 Capacity Building, enhancing participation in carbon markets; Climate Finance Enablers, mobilizing resources for sustainable initiatives; and a Just Energy Transition, ensuring a comprehensive shift to renewable energy sources.
