OPEC Fund adopts first Climate Action Plan, doubles targets by 2030
VIENNA, Sept. 15, 2022 /PRNewswire/ -- The OPEC Fund for International Development has adopted its first Climate Action Plan, which commits the organization to increase its climate financing to 25 percent by 2025 and 40 percent by 2030 with a cross-cutting approach to all its projects. The current share of climate finance in approved projects is 20 percent.
The new Climate Action Plan will boost the Fund's support for sustainable, low-carbon, inclusive and climate resilient investments in partner countries. The OPEC Fund will promote transformative climate investments in energy, transport, agriculture, food, water and smart cities, support climate diagnostics, planning and policies, and drive innovative climate finance solutions for the private sector.
OPEC Fund Director-General Dr. Abdulhamid Alkhalifa said: "This is a historic moment as it commits the OPEC Fund to significantly increase its climate finance. Our new strategy is ambitious in its target numbers, but also in its approach to cover a variety of sectors where we invest. We are inspired by the conviction that climate goals and development objectives complement each other."
The OPEC Fund will continue to work in partnership with other partner institutions and prioritize projects that seek to crowd-in the private sector.
About the OPEC Fund
The OPEC Fund for International Development (the OPEC Fund) is the only globally mandated development institution that provides financing from member countries to non-member countries exclusively. The organization works in cooperation with developing country partners and the international development community to stimulate economic growth and social progress in low- and middle-income countries around the world. The OPEC Fund was established by the member countries of OPEC in 1976 with a distinct purpose: to drive development, strengthen communities and empower people. Our work is people-centered, focusing on financing projects that meet essential needs, such as food, energy, infrastructure, employment (particularly relating to MSMEs), clean water and sanitation, healthcare and education. To date, the OPEC Fund has committed more than US$22 billion to development projects in over 125 countries with an estimated total project cost of US$187 billion. The OPEC Fund is rated AA+/Outlook Stable by Fitch and AA/Positive Outlook by S&P in 2021. Our vision is a world where sustainable development is a reality for all.
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