OPEC Fund Quarterly - 2024 Q3

SPECIAL FEATURE

In their own words...

“The future will no longer be about fuels. The future will be about the technology we use to harness the inputs from the environment – sun, wind, geothermal and hydropower. Innovation is how to use this technology and how to make the grid more interconnected, flexible and balanced. It is about how to make a decentralized system work in an orderly way.”

Francesco La Camera, Director-General, International Renewable Energy Agency

“A century ago people were asking whether everybody would have access to electricity – and now most countries have achieved universal access to electricity. So we believe it’s achievable to have universal access to clean cooking solutions just as it’s possible to have universal

OPEC Fund Vice President Shaimaa Al-Sheiby and members of the OPEC Fund and ADB teams

tackle two key issues, mitigating climate change and conserving biodiversity, at the same time. He also stressed the need for overcoming policy barriers, scaling up investment and stressed the OPEC Fund’s full commitment to mobilizing resources and fostering collaboration to advance NBS initiatives. Key Takeaways from the Forum Several key speakers at the Partners Forum provided valuable insights and guidance on the way forward: • OPEC Fund Vice President Shaimaa Al-Sheiby emphasized the pivotal role of NBS in addressing global challenges such as climate change and biodiversity loss. She underscored the importance of concerted efforts and knowledge sharing for the effective implementation of NBS. Al-Sheiby also highlighted the establishment of a South-South hub, designed to foster collaboration and deliver benefits to marginalized communities. The OPEC Fund’s role in providing Technical Assistance (TA) was particularly noted, with strong relationships with the Arab Coordination Group

(ACG) and the International Fund for Agricultural Development (IFAD) seen as critical to advancing NBS initiatives. She reaffirmed the OPEC Fund’s commitment to sustainable development through NBS and called for additional collaboration and investment to ensure a resilient future. • Anouj Mehta , Country Director of the Thailand Resident Mission at ADB, stressed the urgent need for innovative financial instruments and highlighted the critical role of governments in scaling up finance for NBS. Mehta pointed out the imperative of catalyzing at least US$5 billion by 2030 from both public and private sources into NBS projects. He addressed the challenges of balancing private and public capital while transitioning towards scalable initiatives, emphasizing the importance of strong governmental and institutional support. • Warren Evans , ADB Special Senior Advisor on Climate Change, highlighted the need to move from words to deeds. He advocated for working at scale rather than

access to electricity in Africa, Asia and worldwide. Of course it’s achievable.” Kandeh Yumkella, Former UN Under- Secretary General

“We’re dealing with a ‘Rubik’s Cube’ situation where we need to look at things from the point of view not only of the environment, but also the economy. The social aspects and socio-economic considerations also have to be taken into account. We have to take an approach thinking about the intended and unintended consequences of policy action. The social license for governments to act is critical.”

Jo Tyndall, Director, OECD Environment Directorate

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