CHAPTER 2
THE OPEC FUND AND THE
SUSTAINABLE
DEVELOPMENT GOALS
The OPEC Fund is committed to supporting the delivery of the Sustainable Development Goals (SDGs). The report takes stock of whether and how the OPEC Fund’s oper- ations are expected to contribute to these 17 goals. A systematic review of all operations approved between July 2023 and June 2024 found that all OPEC Fund-approved projects in that period contribute to at least one SDG, with a majority (91 percent) supporting two or more goals. On average, each approved project contributes to 4.2 SDGs, while one project benefits 13 SDGs 1 (Figure 1) . 2
Overall, OPEC Fund operations approved during the analysis period contribute to all SDGs (Figure 2).
Figure 2: SDGs contributed to by OPEC Fund operations approved July 2023 to June 2024
Figure 1: Number of different SDGs supported per project approved from mid-2023 to mid-2024
Number of projects
10
9
8
7
6
5
4
3
2
1
0
1 The one project supporting 13 SDGs is an agricultural loan to Lesotho which enhanced the value chain systems for wool and mohair production through sustainable, climate-smart practices and improved governance. It contributed to SDGs 1, 2, 3, 4, 5, 7, 8, 9, 10, 12, 13, 15 and 17. 2 All 45 loan projects approved from July 2022 to June 2023 were assessed for SDG alignment. To do so, each project’s objective, description and targets/ expected development outputs and outcomes were mapped and the appli- cable SDGs to which the project is expected to contribute were identified. To qualify for alignment, a project needed to either plausibly contribute to a specific SDG indicator and/or target. 3 In addition to the projects approved individually, the OPEC Fund also issued US$525 million in numerous short-term trade finance guarantees under risk-sharing facilities during the period. This guarantee program, while not included in the analysis, is also thought to contribute to SDG 8 by fostering economic growth through trade.
1
2
3
4
5
6
7
8
9
10
11
12
13
Number of different SDGs supported per project
14
Powered by FlippingBook