EXECUTIVE SUMMARY
The OPEC Fund for International Development is scaling up its efforts to support sustainable, climate-resilient development in its partner countries. Guided by its Strategic Framework 2030 and Climate Action Plan, the OPEC Fund is embedding climate considerations into its operations and aligning its portfolio with the goals of the Paris Agreement. This report marks a milestone for the in- stitution’s commitment to transparency and accountability, offering a detailed account of its climate finance performance from 2018 through 2024.
The global development context has grown increasingly complex, with intersecting crises and accelerating climate risks threatening progress toward the delivery of the Sus- tainable Development Goals (SDGs). In response, the OPEC Fund is intensifying its climate finance, targeting both mit- igation and adaptation, particularly in low- and middle- income countries where climate vulnerability is at its highest. In 2024, the OPEC Fund marked a record US$863.7 million in climate finance, representing 39.3 percent of its total annual approvals, up from 34.4 percent in 2023 and 20 percent during the 2018-2021 baseline period. This increase reflects strong institutional momentum and strategic alignment with international climate finance targets. Public sector opera- tions continued to dominate (89.4 percent), while private sector participation remains a priority for future scaling.
adaptation investments. Agriculture received US$178.7 million in loans, while energy finance reached US$206.9 million, re- inforcing the OPEC Fund’s dual focus on rural resilience and clean energy transition. The institution’s regional climate finance footprint also ex- panded, with notable increases in the Middle East, Eastern Europe, Central Asia (MEC) and Sub-Saharan Africa — together accounting for the majority of climate-related financing in 2024.
In line with its Climate Action Plan, the OPEC Fund is deliver- ing targeted impact through flagship partnerships, including:
• The Climate Finance and Energy Innovation Hub with Sus- tainable Energy for All (SEforALL) and the United Nations Capital Development Fund (UNCDF),
Sectoral allocations in 2024 saw a significant shift toward agriculture and cross-cutting (“Other”) sectors due to an increase of policy-based lending (PBL), driven by a rise in
• The Food Security and Climate Adaptation Facility with the World Food Programme (WFP),
4
Powered by FlippingBook