04 | THE INSTITUTION – ABOUT THE OPEC FUND
OUR VISION
A world where sustainable development is a reality for all.
impacts. These efforts also led to close collaboration with peers and partners to harmonize E&S standards, build capacity and enhance collective resilience. Collaboration remained a cornerstone of the work in 2024. A signature event of the year was the Climate Solutions Week in April. The Safeguards and Development Work- shop in May examined complex social and environmental issues such as land acquisition, resettlement, gender- based risks, biodiversity protection and occupational health and safety with partners. The OPEC Fund also participated in the spring (Manila) and autumn (Barbados) meetings of the Multilateral Financial Institutions' (MFI) Working Group on Environmental and Social Standards. The OPEC Fund is committed to accountability and transparency in line with multilateral development banks’ best practice and annually publishes Financial Statements, Annual Report, Development Effectiveness Report and Climate Finance Report.
Grant commitments increased markedly in 2024 compared to 2023, reaching a total of US$13.8 million. In line with the OPEC Fund’s Strategic Framework 2030 grants played an enhanced role in the funding of technical assistance for the development of the project pipeline and the preparation of projects. Technical assis- tance is key to supporting the OPEC Fund in deploying food security and climate action. In this context, a US$5 million grant facilitated the operationalization of the Nature Solutions Finance Hub, launched with the Asian Development Bank (ADB). Similarly, the OPEC Fund signed a US$3 million grant financing projects in Somalia to advance universal access to clean cooking. Strengthening effectiveness and deepening impact are core objectives of the OPEC Fund. Governance in line with international best practice is an essential part of this policy, as is the step-by-step rollout of the develop- ment effectiveness framework throughout the project cycle. This provides important inputs to inform lending decisions and guide project design, leading to improved outcomes for vulnerable communities worldwide. The OPEC Fund’s dedicated Environmental, Social and Governance (ESG) Policy sets out the principles and effi- cient application in concept approval, project submission and loan effectiveness. In 2024, the Sustainability and Climate Change Unit (SCCU) continued to ensure that all development financing was compliant with the OPEC Fund’s ESG Policy. This helped to strengthen the envi- ronmental and social (E&S) integrity of projects across all sectors. By embedding lessons learned and emerging best practices, SCCU ensured that development activities adhered to rigorous E&S safeguards, promoting inclusive growth and minimizing adverse social and environmental
OUR MISSION
Together we drive development, strengthen communities and empower people.
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