SPECIAL FEATURE
PHOTO: Media Lens King – stock.adobe.com
WASH: International private investment, 2021
• Provision of water and sanitation to industry and households
-9%
US$3.3 billion OPEC Fund commitments to the energy sector to date
from the Fund’s own resources and leverage its high mobilization rate. Roughly four out of five OPEC Fund projects are co-financed with partners. In the energy sector the OPEC Fund has committed nearly US$3.3 billion to date, with renewables by now accounting for nearly a third of public and private sector operations. Based on the OPEC Fund’s traditional engagement the Climate Action Plan sets ambitious, yet realistic goals. It will raise the share of climate finance to 25 percent of all new financing by 2025 and to 40 percent by 2030. Projects will include investments in climate adaptation (to reduce the risk posed by climate change and increase resilience) as well as climate mitigation (to reduce or limit greenhouse gas emissions). OPEC Fund climate financing will be available in the public and private sectors. The Climate Action Plan will be complemented by a commitment to
consider climate change throughout the project cycle. This ensures that by 2025 climate action will be mainstreamed across all projects the OPEC Fund is considering for approval. In addition, the OPEC Fund will join international initiatives such as the climate finance working group of the multilateral development banks (MDBs). To facilitate cooperation, the OPEC Fund also commits from 2023 to measure climate finance and greenhouse gas emissions based on agreed methodologies and best practice. The recent US$24 billion
Renewables now account for nearly one-third of public and private sector operations
climate package by the Arab Coordination Group launched at the UN climate change conference COP27 (pictured opposite) has demonstrated the OPEC Fund’s ability to
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