THE OPEC FUND’S RESPONSE
The OPEC Fund and climate action: Project examples across the globe Delivering real impact working across Africa, Asia and Latin America & the Caribbean
PANAMA Support Program for the National Climate Change Policy Total project cost US$440 million OPEC Fund contribution US$120 million policy-based loan Goals 1. Implement low-carbon
development strategy and national energy transition agenda. 2. Promote clean and renewable energy generation. 3. Increase climate resilience to extreme weather conditions and development of effective water management. 4. Promote low-carbon electric transportation systems. OPEC Fund climate finance Of the total loan, 58.33 percent are dedicated to adaptation finance and 41.67 percent are mitigation finance.
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COLOMBIA Climate Action and Energy Transition Program Total project cost US$1.4 billion OPEC Fund contribution US$150 million policy-based loan Goals 1. Strengthen government’s capacity to plan, manage and finance climate action. 2. Foster economic opportunities based on sustainable use of natural resources and development of circular economy models. 3. Promote the energy transition. OPEC Fund climate finance Of the total loan 73.17 percent are dedicated to climate finance, of which 29.27 percent are adaptation finance and 43.9 percent are mitigation finance.
SENEGAL Water Valorization for Value Chain Development Project
Total project cost US$136 million OPEC Fund contribution US$20 million policy-based loan Goals 1. Develop climate-smart agriculture and promote value chains in promising sectors. 2. Open up production areas, reduce production costs through use of new technologies, build capacity of stakeholders, create rural entrepreneurship opportunities for young people. 3. Protect the environment.
OPEC Fund climate finance Of the total loan, 20 percent are dedicated to adaptation finance and 40 percent are mitigation finance.
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