PARTNERSHIPS FOR CLIMATE FUNDING
P artnerships are at the core of the OPEC Fund’s operations and business model. Stronger partnerships for facilitating climate investments and crowding-in the private sector will support the implementation of the Fund’s Climate Action Plan. In June 2022, at the OPEC Fund’s inaugural Development Forum, the OPEC Fund and the International Renewable Energy Agency (IRENA) signed a Memorandum of Understanding ramping up their efforts to advance investment in renewable energy and support access to sustainable financing in emerging and developing economies, agreeing to mobilize finance, unlock investment and support project development on the ground. The institutions committed to provide technical assistance and capacity building to project developers with the aim of creating a pipeline of bankable projects ready to be financed and to attract potential investors.
PHOTO: OPEC Fund/Luiscela Moreno
A MULTIPURPOSE DAM IN PAKISTAN F lash floods triggered by record monsoon rains have devastated Pakistan this summer, leaving one-third of the country under floodwaters and affecting some 33 million people. Natural disasters of this magnitude expose the increasing urgency to accelerate investments in multipurpose climate-friendly projects such as the Mohmand Dam, which the country is currently building on the Swat River. Against the backdrop of growing water and energy demands, concerns about food security and rapid urbanization, building new reservoirs can facilitate water regulation and help mitigate floods. A dam captures floodwaters and can release them under controlled circumstances preventing potential disasters and providing water for agriculture. The OPEC Fund is supporting the Mohmand Multipurpose Dam Project with a US$72 million loan. It will contribute to
Pakistan’s energy security, increase sustainable water supply for agriculture and human consumption and improve resilience to floods. Upon completion the plant will add 800 MW capacity to Pakistan’s installed hydropower capacity and generate nearly 2.8 GWh electricity per year.
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