MUSCAT: Oman is making ready to make sustainability and climate-related disclosures obligatory for listed corporations and controlled monetary establishments, underneath a phased framework now open for public session.
The Monetary Providers Authority (FSA) has issued a draft round searching for public suggestions on the adoption of the IFRS Sustainability Disclosure Requirements — IFRS S1 and IFRS S2 — throughout the non-banking monetary sector.
Underneath the proposed roadmap, corporations listed on the Muscat Inventory Trade and different FSA-supervised entities could be required to use the requirements for annual reporting durations starting on or after January 1, 2029.
Disclosures on Scope 3 greenhouse gasoline emissions, which cowl oblique emissions throughout provide chains and wider worth chains, would change into obligatory from reporting durations starting on or after January 1, 2030.
The transfer would steadily shift sustainability reporting from a voluntary train in the direction of a extra formal a part of monetary disclosure, giving traders clearer info on how local weather dangers, governance practices and sustainability points could have an effect on corporations’ monetary efficiency and long-term resilience.
The framework follows FSA Determination No. (E/7/2026) on the adoption of IFRS S1 and IFRS S2, issued by the Worldwide Sustainability Requirements Board underneath the IFRS Basis.
The FSA stated the phased method would give corporations time to construct reporting programs, enhance inside controls, strengthen knowledge assortment and put together for assurance necessities earlier than full implementation.
The transition is anticipated to start from the 2027 reporting cycle, with corporations inspired to evaluate gaps, enhance governance constructions and put together sustainability info that’s dependable, comparable and helpful for traders.
Ahmed bin Ali al Mukhaini, Group Lead of the Inexperienced and Sustainable Finance Group on the FSA, stated the framework was developed in step with worldwide steering whereas bearing in mind native market readiness and proportionality.
He stated sustainability reporting was not restricted to environmental efficiency, however was more and more linked to market integrity, investor safety, pricing effectivity and funding attractiveness.
“The target is just not merely to extend the amount of disclosures, however to enhance the standard and usefulness of sustainability-related info in supporting funding selections and strengthening long-term financial resilience,” Al Mukhaini stated.
The draft round additionally covers digital sustainability reporting by the IFRS Sustainability Disclosure Taxonomy and XBRL-based digital submitting, a part of wider efforts to modernise market disclosures in Oman.
It additionally hyperlinks current Muscat Inventory Trade ESG metrics with IFRS S1 disclosure areas, giving listed corporations a clearer bridge from present ESG reporting practices to the brand new worldwide framework.
The initiative helps Oman Imaginative and prescient 2040 and Oman’s goal to realize net-zero emissions by 2050, whereas reinforcing efforts to place the nation as a extra clear and credible vacation spot for sustainable funding.
