FOREWORD
“We aim to catalyze systemic change by unlocking investment, supporting policy reforms and ensuring that development gains are sustainable and inclusive.”
Global temperatures continue to climb, bringing mounting threats — from intensifying floods to droughts, wildfires and storms — that imperil communities, particularly in vulnerable regions. As the Earth heats up, we risk crossing a range of tipping points, with dire knock-on effects for people and planet alike.
Against this backdrop, the OPEC Fund has ramped up its climate response measures. Since adopting our Climate Action Plan in 2022, we have meticulously tracked and expanded our climate finance, striving to balance mitigation and adaptation efforts in line with our partner countries’ needs.
In 2024, we approved a record US$863.7 million in climate finance — representing 39.3 percent of our total financing for the year. Projects spanned diverse sectors, including renewable energy in Egypt and Türkiye, food security and climate-smart agriculture in Honduras and broad-based policy reform for sustainable growth in Uzbekistan.
We have also undertaken rigorous internal reforms to embed climate considerations into each stage of project design and implementation. Since the beginning of 2025 all new operations (excluding trade finance) are being screened with enhanced climate metrics. We also use collaborative platforms such as the Climate Finance and Energy Innovation Hub to continue to leverage partnerships for broader systemic impact.
This report highlights our progress, lessons learned and priorities moving forward. Our ambition extends beyond financing individual projects. We aim to catalyze systemic change by unlocking investment, supporting policy reforms and ensuring that development gains are sustainable and inclusive.
The OPEC Fund remains committed to working alongside our partners in driving meaningful climate action at scale.
MUSAB ALOMAR Vice President Strategy, OPEC Fund
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