OPEC Fund Quarterly - 2024 Q3

SPECIAL FEATURE

Photo: UNFCCC

GLASGOW, UNITED KINGDOM The Glasgow Climate Pact called for a “phase-down of unabated coal power” after the language was changed from “phase out” due to resistance from coal- reliant countries like China and India. Over 100 nations pledged to cut 30 percent of their emissions of methane and more than 130 nations, together possessing 90 percent of the world’s forests, agreed to reverse deforestation by 2030.

Rebecca Alitwala Kadaga, Ugandan First Deputy Prime Minister (left) and Ursula von der Leyen, President of the European Commission, sign a partnership agreement at COP27

2022 SHARM EL SHEIKH, EGYPT A US$100 billion “loss and damage” fund was agreed on, which would provide funding to developing countries most at risk to climate change. Such a fund would provide support to countries that may not have contributed the most to climate change, but suffer the most serious consequences. The OPEC Fund presented its Climate Action Plan and launched with the Arab Coordination Group a US$24 billion climate commitment.

COP26

COP27

Photo: Fora do Eixo; https://creativecommons.org/licenses/by-sa/2.0/

COP28

Photo: DOERS/Shutterstock

DUBAI, UNITED ARAB EMIRATES Against the backdrop of the hottest year on record (a record broken year after year), nearly all 200 nations in attendance approved a roadmap for “transitioning away from fossil fuels in a just, orderly and equitable manner” with the aim of achieving net zero carbon emissions by 2050. The OPEC Fund signed climate-relevant cooperation agreements with numerous partners, among them ADB, IAEA, IRENA and WFP.

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