OPEC Fund Quarterly - 2024 Q3

EVENTS

Meetings and events round-up

“Nuclear technology, usually associated with energy, is now making a difference to agriculture and food security in innovative ways.” Abdulhamid Alkhalifa, OPEC Fund President

OPEC Fund signs breakthrough clean cooking agreement with Madagascar

T he OPEC Fund’s clean cooking initiative has passed a milestone. Following a successful pilot phase, the institution signed a US$35 million loan with the Republic of Madagascar in favor of the SMART Clean Cooking Project in September. The primary objective is to lead the clean cooking transition in the country through the reinforcement of relevant infrastructure, sustainable agroforestry and community empowerment. A glimpse of Ecuador’s rich cultural heritage T he OPEC Fund hosted an exhibition of Ecuadorian art in its next showroom in September. Titled “Tres miradas de la mitad del mundo” (“Three glances from the middle of the world”) the show featured recent works by the painters Miguel Betancourt, William Cáceres García and David Celi. “The exhibition offers a unique opportunity to experience Ecuadorian art, presenting a vivid narrative of the rich and diverse perspectives from my home,” said Ambassador Mireya Del Carmen Muñoz Mera, who also serves as Ecuador’s Alternate Governor to the OPEC Fund. “The artworks offer a visual journey that blends natural beauty, cultural heritage and contemporary creativity.”

More than 2 billion people around the world rely on kerosene, wood, charcoal and other biomass for daily cooking. The OPEC Fund selected Madagascar because of the urgency and magnitude of the country’s needs. Just 1.6 percent of the population has access to clean fuels. Indoor air pollution from traditional cookstoves causes 17,000 deaths every year and is the primary cause of child mortality.

new technology include the control of pests and diseases, the increase of crop production and the protection of land and water resources. Agriculture has traditionally been a cornerstone of the OPEC Fund’s work, as there can be no development where people are suffering from hunger. “Famine is unacceptable,” underlined President Alkhalifa. Between 2018 and 2023, development projects completed by the OPEC Fund have directly benefited more than 2.1 million farmers globally. Projects, boosted by the OPEC Fund’s US$1 billion Food Security Action Plan adopted in 2022, have improved access to essential resources, technologies and training and are helping farmers increase productivity and secure livelihoods. Given recent developments President Alkhalifa used his speech to announce the OPEC Fund’s readiness to step up its efforts: “Going forward, we are deepening our commitment to fighting hunger and making food systems more resilient worldwide by pledging another US$2 billion to food security projects between 2025 and 2030.” Atoms4Food is a joint initiative by the IAEA and the UN Food and Agriculture Organization (FAO). It aims to help countries boost food security and tackle growing hunger. President Alkhalifa said: “New technology will be essential to feed a global population that is forecast to reach 10 billion by 2050. Nuclear science must be part of our answer. We need effective solutions, urgently.”

Mireya Del Carmen Muñoz Mera, Ambassador of Ecuador to Austria

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