EVENTS
Somnath Basu, Acting Director, Sustainability and Climate Change Unit, OPEC Fund
“We have developed a multi-faceted approach that combines financing with policy dialogue, technical assistance and knowledge sharing.”
The Paris Agreement aims to limit “the increase to well below 2°C above pre- industrial levels,” while pursuing efforts to keep “the temperature increase to 1.5°C above pre-industrial levels.” The 2°C goal is the upper limit scientists have set to keep climate change from hitting an irreversible tipping point with potentially catastrophic consequences. Highlights of OPEC Fund activities at COP29 included President Alkhalifa’s participation in the Ministerial Dialogue on “Scaling up investment for Tripling Renewables and Doubling Energy Efficiency,” the panel with the International Fund for Agricultural Development (IFAD) on “Navigating Climate Challenges: Future of Marine Ecosystems and Coastal Communities” and the discussion on “Making Climate Finance Work for Climate Action in Agriculture and Food Security” with the Food and Agriculture Organization of the United Nations (FAO), World Bank and United Nations Development Programme (UNDP). The OPEC Fund President also engaged in bilateral meetings, among others with the host country Azerbaijan, with which a Technical Assistance
agreement was signed. The President was joined by a high-level delegation including Tarek Sherlala, Vice President, Finance, and Al Shaimaa Al-Sheiby, Vice President, Public Sector Operations & Acting Vice President, Strategy. Raising the OPEC Fund’s profile and visibility, the delegation also launched the institution’s first Climate Finance Report. The report provides a comprehensive overview of the OPEC Fund’s climate strategy, a thorough examination of its delivery and a roadmap for achieving the 2030 target. While President Alkhalifa welcomed the achievements to date, he also acknowledged: “We know the journey can’t end here. By channelling resources and fostering partnerships we will deepen our
Abdulhamid Alkhalifa, OPEC Fund President
focus on renewable energy, nature-based solutions and
sustainable agriculture in support of a just energy transition across our partner countries.”
(L to R) The OPEC Fund representatives Somnath Basu, Acting Director, Sustainability and Climate Change Unit, Al Shaimaa Al-Sheiby, Vice President, Public Sector Operations, and Valerie Herzog, Climate Change Specialist
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Photo: OPEC Fund
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