Muscat, Oman – Oman Arab Bank (OAB) and First Carbon Investments (FCI)      announced the signing of a Memorandum of Understanding (MoU) to accelerate the deployment of new clean technologies in MENA. The MoU was signed by Sulaiman Al Harthi, CEO of OAB, and Peter Ellen, CEO of FCI, in advance of COP28 UAE.

Under the terms of the MoU, OAB will explore financing projects identified by FCI      to advance purchase carbon credits that help accelerate the viability of new green fuels such as hydrogen, ammonia and biofuels. In 2024, global commitments to the next wave of green energy sources will exceed $200bn. FCI has      developed a platform to accelerate the viability of new green technologies destined to support global efforts of limiting greenhouse gas emissions.

Speaking at the signing ceremony, Sulaiman Al Harthi, CEO of OAB, said: “This partnership marks a      significant      milestone in our efforts      in promoting the shift towards       sustainable energy systems. We look forward to      collaborating together to develop and finance projects that will have a tangible and      positive impact on the energy      industry,      the      wider global community and more specifically the lives of the people of Oman.”                

Peter Ellen, CEO of FCI, said: “We are excited to partner with Oman Arab Bank to support our platform for accelerating clean technologies at scale. OAB is a leading bank in Oman with a strong track record of supporting sustainable development. We look forward to working together to develop financing opportunities      which will accelerate new clean tech projects that will help reduce carbon emissions and create a more sustainable future.” Chairman of FCI, Prof John Wright added, “As a veteran banking leader, I commend OAB’s vision and leadership at a time when the spotlight is on the region with COP28”.

The signing of the MoU between OAB and FCI is a significant development for Oman’s clean energy and sustainability sector. The two companies have the expertise and resources to make a real difference in accelerating the deployment of new clean technologies emerging as fossil fuel replacements.

About Oman Arab Bank

Oman Arab Bank (OAB) is one of the leading banks in Oman, with a strong track record of supporting sustainable development. OAB offers a wide range of banking and financial services to corporate and individual customers. The bank is committed to supporting Oman’s transition to a more sustainable economy and has developed a number of products and services to help customers reduce their environmental impact.

About First Carbon Investments

First Carbon Investments have a unique platform for accelerating clean-tech, designed for the next generation of carbon credits.  Adapted from long standing purchase-and-resale models, developed for mineral production, FCI apply this to new categories of carbon credits. These specialist contract models are traditionally referred to as “streaming and royalties”. New categories of Carbon Credits are generated at the point of use, with CO2 emissions removed from the likes of power stations, steel production and shipping, where fuels like green ammonia takes the place of coal. By advance purchasing Carbon Credits FCI supports the market for green fuels, which can initially cost around 170% of the fossil fuels they replace. In time these technologies viability will be achieved with price parity and FCI are working to bring that date forward, whilst providing high integrity offsets in verified carbon markets.

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First Carbon Investments Ltd