Renewable Energy Investments Impact on Economic Diversification And Strategic Growth: A Review Of Literature In The Context Of Oman Vision 2040

Authors: Asma Kareem Al Balushi, Dr. Maria Teresa Matriano

DOI: https://doi.org/10.37082/IJIRMPS.v12.i4.231068

Short DOI: https://doi.org/gt76ps

Country: Oman

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Abstract: This paper provides a comprehensive literature review on the strategic role of renewable energy investments in driving economic diversification and strategic growth in Oman. As part of Oman Vision 2040, the nation aims to reduce its dependency on oil and gas revenues by investing in renewable energy, thus fostering sustainable economic growth. The review covers various theoretical frameworks, including Economic Diversification Theory, Renewable Energy Transition Theory, and Strategic Growth and Development Theory, which provide the foundation for analyzing the impact of renewable energy investments on Oman's economic landscape. The paper also benchmarks global trends, examines the current state of renewable energy in Oman, and highlights government policies and initiatives that support the transition to a diversified energy portfolio. Additionally, the paper identifies key challenges and opportunities in Oman’s renewable energy sector and provides strategic recommendations for enhancing these investments. The findings contribute valuable insights into how Oman can leverage renewable energy to achieve its long-term economic objectives, offering lessons that can be applied in similar contexts globally.

Keywords: Economic Diversification, Energy Policy, Oman Vision 2040, Renewable Energy, Strategic Growth

Paper Id: 231068

Published On: 2024-08-29

Published In: Volume 12, Issue 4, July-August 2024

Cite This: Renewable Energy Investments Impact on Economic Diversification And Strategic Growth: A Review Of Literature In The Context Of Oman Vision 2040 - Asma Kareem Al Balushi, Dr. Maria Teresa Matriano - IJIRMPS Volume 12, Issue 4, July-August 2024. DOI 10.37082/IJIRMPS.v12.i4.231068

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