The OPEC Fund for International Development (the OPEC Fund) is launching new initiatives and strengthening partnerships at the UN Climate Change Conference COP28 in Dubai, United Arab Emirates.
The OPEC Fund will sign partnership agreements with the International Atomic Energy Agency (IAEA) and the International Renewable Energy Agency (IRENA), as well as supporting new initiatives launched in cooperation with the Asian Development Bank (ADB) and the World Food Programme (WFP) to address the interlinked challenges of climate change and food security in developing countries.
The OPEC Fund will also meet with leaders of partner institutions and co-host a number of side events including with the United Nations Framework Convention on Climate Change (UNFCCC), Arab Coordination Group (ACG), United Nations Industrial Development Organization (UNIDO) and Sustainable Energy for All (SEforALL).
OPEC Fund Director-General Dr. Abdulhamid Alkhalifa, who is heading the institution’s delegation at COP28, said: “As the world is gathering for the most important climate event of the year the OPEC Fund is stepping up its efforts as a committed development partner offering financing solutions as well as technical assistance. As an institution dedicated to South-South Cooperation we are participating in COP28 as an advocate for those who need our support and solidarity in the spirit of a fair burden-sharing. While we are successfully implementing our Climate Action Plan we stand ready to join forces with our development partners to deliver concrete results where they matter most.”
During the two-week conference in Dubai the OPEC Fund will have a substantial presence at its own pavilion in the Blue Zone. The institution will host events and meetings with partners from the community of multilateral development banks, international financial institutions, partner countries and private sector representatives.
OPEC Fund, Energy and Climate Action
Energy has traditionally been at the core of the OPEC Fund’s mandate as access to energy is a major driver of development.
The OPEC Fund is committed to delivering SDG 7 – Affordable and Clean Energy, and to date has committed nearly US$3.3 billion in support of energy projects. Renewables now account for almost a third of the OPEC Fund’s new public and private sector energy operations.
The OPEC Fund supports an energy transition that works for everyone – countries, industries and households. Inclusive and just energy transition must take into account the specific needs and capacities of each country.
OPEC Fund’s Climate Action Plan, launched in 2022, set the goal to dedicate 40 percent of all new financing to climate-related investments by 2030. Against this target, the OPEC Fund already achieved 33 percent by the end of 2022 and continues to enhance climate action across its investment portfolio.
Aligned with its Climate Action Plan, the OPEC Fund is increasing climate adaptation, mitigation and resilience investments in energy, transport, agriculture, food, water and smart cities.
The Plan is also supporting climate diagnostics, planning and policies and innovative climate finance solutions for the private sector.
In 2022, the OPEC Fund launched a US$1 billion Food Security Action Plan in response to global supply chain disruption and in recognition of the impact of climate change on medium- and long-term food production.
