OPEC Fund to Launch New Initiatives, Strengthen Partnerships and Deepen Impact at COP27
At the UN Climate Conference COP27 in Sharm El-Sheikh, the OPEC Fund for International Development will start new steps to deal with climate change.
At the conference, the Arab Coordination Group (ACG), a group of 10 development finance institutions that includes the OPEC Fund, will announce a multibillion-dollar financing plan to deal with the global climate crisis.
The ACG package for 2022–2030 will help developing economies expedite the energy transition, boost climate resilience, and promote energy security. The establishment of the new facility follows the acceptance of the OPEC Fund Climate Action Plan, which commits the organisation to increase its climate finance to 40% of new financing by 2030.
OPEC Fund Director-General Dr. Abdulhamid Alkhalifa, who will lead the institution's delegation at COP27, said: "We are living through a challenging period, which started with the COVID-19 pandemic, quickly followed by other crises, including food insecurity, soaring inflation, and an economic slowdown. Our goal now must be to get things back on track for development. We must use COP27 to strengthen international cooperation so that we can maximise impact in a sustainable way for all partner countries."
During COP27, the OPEC Fund will also launch its Climate Finance and Energy Innovation Hub, a collaboration with the United Nations Capital Development Fund and Sustainable Energy For All that will support the achievement of SDG 7, "clean and affordable energy," in developing countries, beginning with Madagascar. The OPEC Fund has set aside $100 million for the Hub, to turn one dollar invested from sovereign sources into four dollars of green and sustainable capital.
Several events and discussions arranged by the OPEC Fund will take place during the conference in the Egyptian city of Sharm El-Sheikh from November 7 to November 18. The OPEC Fund delegation will discuss sustainable infrastructure, private sector mobilisation, food security, clean cooking, and other important and timely topics with partners from the community of multilateral development banks, international financial institutions, partner countries, and private sector representatives.
The signing of a Memorandum of Understanding with the African Development Bank would improve the two organisations' relationship to support sustainable socioeconomic progress in Africa through synergies, knowledge sharing, and increased co-financing opportunities.
The OPEC Fund will have its own pavilion in the Blue Zone, a UN-managed location where negotiations will take hold and guests must be accredited by the UNFCCC Secretariat.
Source: PRNewswire
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