Chapter 4 | TRACKING OPEC FUND’S CLIMATE FINANCE
Between 2018 and 2024, the OPEC Fund’s climate finance portfolio shows a gradual shift from an emphasis on energy to an allocation across other sectors, including agriculture, multisectoral initiatives and financial institutions. In 2024, the portfolio saw a pivot toward agriculture and the “Others” category, which accounted for 25 percent and 30 percent of total climate finance, respectively — both significantly higher than in previous years as shown in Chart 6. Projects in the “Others” category in 2024 included basic
health infrastructure as well as government and public sec- tor policy and public finance management. These changes suggest a strategic emphasis on rural development, food security, and emerging or cross-cutting thematic areas linked to the growing importance of adaptation finance. At the same time, energy investments remained low at 20 percent, while transport (10 percent) and multisectoral (7 percent) declined compared to their 2023 levels. Invest- ments through financial institutions further decreased to around 5 percent.
Chart 7: Sectoral Distributions of Adaptation and Mitigation Finance of Total Climate Finance, 2018-2024
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
Adaptation Mitigation
Adaptation Mitigation
Adaptation Mitigation
Adaptation Mitigation
2018–2021
2022
2023
2024
Agriculture
Education
Energy
Financial Institutions
Multisectoral
Transport
Others
Source: Fund climate finance reporting 2018-21, 2022, 2023 and 2024 | See also Annex 7.3, Tables 6 and 8
Chart 7 shows the distribution of climate finance across several of the OPEC Fund’s focus areas — agriculture, financial institu- tions, education, energy, transport — broken down by adaptation and mitigation funding for 2018-2021, 2022, 2023 and 2024.
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