01 | LANDMARKS – FOREWORD
OPEC Fund adopted its first dedicated Climate Action Plan in September. In supporting a just, sustainable and equitable energy transition, our am- bitious, yet realistic goal is to com- mit 40 percent of all new financing to climate financing by 2030. The harmonization and standardization of methodology will pave the way for deeper cooperation with governments, multilateral development banks and the private sector in support of climate adaptation, mitigation and resilience. Putting our Climate Action Plan into immediate practice, one of the OPEC Fund’s first agreements was a US$120 million loan to the Republic of Panama in support of its national environmen- tal policy with a specific focus on the design and implementation of climate change action and policies. The OPEC Fund’s new strategy also paved the way for a joint US$24 billion climate facility with our ACG partners.
In order to deepen our development impact, the OPEC Fund has recently been raising our profile both as an investor and an advocate. Our inaugural Development Forum last June attracted more than 250 leaders of governments, international organizations and businesses to Vienna, our host city. Our success- ful debut at the UN Climate Change Conference COP27 in Egypt last November is one we will continue to build on as we strive to best support global partners, including our member country United Arab Emirates, which is hosting the next round of this critical global event, COP28, in November and December 2023 in Dubai. The OPEC Fund’s 2022 performance also reflected the institutional pro- gress we are making in implementing our Strategic Framework 2030. The second phase - now started - will further enhance our operations in
order to deliver “transformational growth” and build a resilient organization. This is crucial given the enormous global needs. We must not allow the current turbulence to distract us from our goal of achieving the Sustainable Development Goals. For us, the current challenges must be a call to redouble our efforts and become even more effective in our delivery and indispensable in our impact. Allow me to thank our member countries for their steadfast support, our partner countries for the excellent cooperation, our business partners for the effective collaboration and our staff for their commitment and dedication. Without these contributions, our success would not be possible. I am proud and honored to lead our institution and
I look forward to what we will accomplish in the years ahead.
11
Powered by FlippingBook