OPEC FUND
DEVELOPMENT FORUM
Strengthening its role as a development organization dedicated to delivering South-South cooperation by forging global partnerships, the OPEC Fund for International Development hosted its inaugural Development Forum in June 2022 in Vienna.
Under the overarching theme “Driving Resilience & Equity” the event brought together ministers from OPEC Fund member and partner countries, heads of the Arab Coordination Group institutions, senior officials of multilateral development banks and UN agencies as well as private sector representatives, to an audience of more than 250 invited guests. The goal of the conference was to translate the analysis of the significant challenges faced in the areas of climate change, universal access to clean and affordable energy and food security into practicable solutions and concrete actions. This led to a number of initiatives and signings: • Together with the United Nations Capital Development Fund and the UN-affiliated organization Sustainable Energy for All, the OPEC Fund announced the establishment of a new Climate Finance and Energy Innovation Hub. Designed as a global platform, the facility will harness the power of financial innovation to source, unlock, de-risk and scale-up investments in energy access and transition. The program recognizes the crucial role of the private sector and aims to leverage each US$1 of sovereign finance to attract US$4 of green and sustainable capital for projects. Appreciating the key role of clean cooking for many of the poorest countries in the world, operations will start with a pilot project in Madagascar to which the OPEC Fund is contributing US$40 million.
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