01 | THE HIGHLIGHTS – CLIMATE ACTION PLAN
The OPEC Fund is support- ing Colombia to balance sustainable development with economic growth
For the OPEC Fund the new focus resulted in significant changes in its approach. The Climate Action Plan covers three key areas of intervention in partner countries, namely, supporting policy diagnostics, promoting trans- formative technologies (supporting climate resilience, adaptation and mitiga- tion) and driving innovative climate finance solutions for the private sector. As a cross-cutting theme climate finance can make an important contri- bution across all sectors. In 2022 (latest available numbers), 25 out of all approved projects (67.6 percent of the total number of investments in the analyzed portfolio) addressed climate finance: Five projects (13.5 percent) involved adaptation finance, 10 projects (27 percent) involved mitigation finance and 10 projects (27 percent) were a mix of both. In terms of approvals in 2022, our climate change adaptation financing stood at US$146.6 million, our climate change mitigation financing amounted to US$368.8 million, so total OPEC Fund climate financing was US$515.4 million – equaling 33.4 percent of approved funds.
Total OPEC Fund climate finance approvals:
US$ 515.4 MN
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