Chapter 1 | ABOUT THE OPEC FUND
OUR VISION
As part of the global development finance architecture, the OPEC Fund remains steadfast in its commitment to the goals of the Paris Agreement. In line with its Strategic Framework 2030 the OPEC Fund has adopted a Climate Action Plan to systematically scale up climate-aligned investments across its portfolio. With this plan the institution aims to embed climate considerations into project design, implementation and financing decisions. Building on this momentum, the OPEC Fund began report- ing its climate finance in accordance with the harmonized multilateral development bank (MDB) methodology in 2022. In a milestone moment the OPEC Fund published its inau- gural Climate Finance Report at the UN Climate Change Conference COP29 in 2024 in Dubai, providing a compre- hensive overview of climate finance commitments from 2018 to 2023. The inaugural report marked an important step in reinforcing the OPEC Fund’s commitment to transparency, accountability and alignment with international best prac- tices. Looking ahead, the institution will continue strength- ening its climate finance tracking systems and collaborating with partners across the Global South to deliver high-impact and climate-resilient development solutions.
A world where sustainable development is a reality for all.
Sustainable development challenges are becoming increas- ingly complex and interdependent. As the world continues to recover from the multifaceted impacts of various crises, it is increasingly evident that achieving the Sustainable Development Goals (SDGs) by 2030 requires intensified and collective action. At the same time the growing impacts of climate change are undermining hard-won development gains, making it critical to address climate and development objectives in tandem. As climate finance plays a central role in delivering global goals, robust methodologies for tracking financial flows are essential. Over the years, climate finance tracking has pro- gressed significantly, incorporating more granular eligibility criteria, improved income-level classifications and updated principles for both mitigation and adaptation finance. The most recent updates, rolled out in 2023 1 , represent a contin- ued evolution toward more robust methodologies, including enhanced approaches to tracking adaptation investments and assessing climate outcomes. MDBs are also advancing work on greenhouse gas (GHG) accounting, green bond impact reporting and climate resilience metrics to better capture the transformative potential of climate investments.
OUR MISSION
Together we drive development, strengthen communities and empower people.
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