01 | THE HIGHLIGHTS – KNOWLEDGE
KNOWLEDGE
Sharing knowledge, transforming lives OPEC Fund launches new series with Clean Cooking report and Public Sector event
The OPEC Fund’s transformation under Strategic Framework 2030 is not just about significantly expanding its lending operations. It also involves trans- forming into a knowledge bank, intensifying cooperation with partners based on the development needs of partner countries. In response to the multitude of challenges that countries are facing as they develop, urgent and effective solutions are needed. Financing is important, but financing alone is not a panacea, and knowledge is key to make best possible use of scarce resources. Addressing this challenge, the OPEC Fund launched in 2024 its Public Sector Knowledge Series. The program is dedicated to examining “innovation in development finance operations” given innovation’s crucial role in driving long-term economic growth. The series aims to explore innovation systems and facilitate their application. Leveraging its network of international partners in government, business, academia and civic society, the OPEC Fund convened the inaugural event in November 2024. Senior participants from a wide range of partner organiza- tions deliberated on the topic “Digital Technologies to Improve Food Security Outcomes.” Supporting sustainable agriculture has been a priority for the OPEC Fund since inception in 1976. To date, the institution has committed more than US$2.6 billion to agriculture projects, representing some 10 percent of its total operations. Speakers at the event agreed that the range of possibilities offered by tech- nology and innovation is wide: From precision agriculture to artificial intelli- gence, digital tools hold immense potential. However, the adoption in devel- oping economies is hampered by the digital divide, which requires significant public investments, an improved policy environment as well as adequate financing models and incentive frameworks. The findings of the event and derived action items will be published in 2025. Following the successful launch, the Public Sector Knowledge Series will continue in 2025 with a focus on themes strongly linked to the OPEC Fund's operational priorities.
The first OPEC Fund Knowledge
Series Clean Cooking Report was
launched at the UN Conference to
Combat Desertification (COP16)
in December 2024 in Riyadh,
Saudi Arabia
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