01 | THE HIGHLIGHTS – CLIMATE FINANCE
Climate Solutions Week also included a first partnership forum with the goal of mobilizing
Climate Solutions Week also included a first partnership forum of the Nature Solutions Finance Hub together with the Asian Development Bank (ADB). This joint facility was established in 2023 with the goal of mobilizing US$2 billion to conserve nature and fight biodiversity loss in the Asia and Pacific region. The platform goes beyond financing and involves partners such as Agence française de développement (AFD), European Union (EU), Green Climate Fund (GCF), Global Environment Facility (GEF), Deutsche Gesellschaft für Interna- tionale Zusammenarbeit (GIZ) and the UK government. Strengthening its partnership network to maximize impact, the OPEC Fund also joined the Energy Transition Accelerator Financing (ETAF) platform of the International Renewable Energy Agency (IRENA), a global initiative that seeks to mobilize funds for renewable energy investments. To date, the platform has attracted more than US$4 billion in pledges to support the energy transition. Addressing another urgent environmental issue, the OPEC Fund launched a new Island Resilience Facility at its 2024 Development Forum in Vienna. The initiative underscores the OPEC Fund’s commitment to supporting Small Island Developing States (SIDS) in addressing climate change and strength- ening resilience. The first workshops and projects have already been rolled out in the Eastern Caribbean and Pacific regions, with further expansions set for the Indian Ocean and the broader Caribbean community. Recognizing the critical nexus between climate, land and biodiversity, the OPEC Fund actively engaged in the UN Conference to Combat Desertification (COP16) in Riyadh in December 2024. The OPEC Fund committed US$1 billion as part of a US$10 billion pledge by the Arab Coordination Group in support of the Riyadh Global Drought Resilience Partnership. The initiative will finance large-scale land restoration and drought preparedness in 80 of the world’s most vulnerable countries, helping them build their resilience and capacity to respond. The OPEC Fund also conducted Land Degradation Neutrality (LDN) assess- ments across its portfolio. This groundwork informs a new commitment to increasing investment in LDN and sustainable land management through 2030.
US$ 2 BN
to conserve nature and fight biodiversity loss
21
Powered by FlippingBook