OPEC Fund approves $300m for its Climate Action Plan

The OPEC Fund for International Development (the OPEC Fund) has approved more than $300 million in new financing in the first quarter of 2023, reflecting the institution's commitment to fulfilling its Climate Action Plan.

The OPEC Fund is the only globally mandated development institution that provides financing from member countries to non-member countries exclusively, established in 1976 with a distinct purpose: to drive development, strengthen communities and empower people. To date, the OPEC Fund has committed more than $24bn to development projects in over 125 countries.

The OPEC Fund adopted its first dedicated Climate Action Plan in September 2022. The plan commits the organisation to increase the share of its climate financing to 40 per cent of all new financing by 2030 and to mainstream climate action into the project cycle, increasing climate adaptation, mitigation and resilience investments in energy, transport, agriculture, food, water and smart cities.

Director-general Dr Abdulhamid Alkhalifa said: "The OPEC Fund is proud to deliver on its climate commitments and ensure a positive impact for people and planet. These efforts will aid our partners in Africa, Asia and Latin America to enhance their climate policies while boosting resilience to climate change. At the same time, our work on access to energy and road infrastructure underline our continued dedication to improving people's lives worldwide."

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