THE HISTORY OF THE OPEC FUND
Republic of Fiji in December 2025. The facility combines project financing with technical assistance and the preparation of a structured pipeline of viable projects. The Green-Blue Connect initiative, launched at the UN Climate Change Conference COP30 in Brazil and endowed with US$3 billion, will channel climate finance into integrated land-sea solutions, from resilient infrastructure and flood management to sanitation, agricultural water use, energy access and sustainable urban development. It aims to foster resilience, biodiversity and economic opportunity in both small island states and landlocked nations. The initiative will support a variety of projects in areas such as water and sanitation, coastal protection and disaster risk reduction. It will finance both adaption and mitigation, while global climate finance remains heavily skewed toward mitigation.
Azerbaijan and the OPEC Fund Sustained growth in recent years is providing Azerbaijan with the means to press ahead with the diversification of its economy and lessening its dependence on fossil fuels. The OPEC Fund and the country signed a Country Partnership Framework in June 2025 with plans for up to US$1 billion in development financing over the next three years to support Azerbaijan’s investments in water and sanitation, transport connectivity and sustainable urban development. With a combined share of almost 50 percent of GDP, the oil and gas sector still dominate Azerbaijan’s national economy, as over 90 percent of export earnings are generated by fossil fuels. The authorities are working to reduce this exposure and the inherent volatility by strengthening the diversification of the economy. Green energy is one of the priorities of the National Development Plan with a goal of achieving 33 percent renewable installed capacity by 2027.
The OPEC Fund Food Security Action Plan, approved in 2022, was designed to help countries cope with price shocks following the war in Ukraine, a major global exporter of staple grains such as corn,
Between 2022 and 2024, the OPEC Fund deployed US$1 billion under its Food Security Action Plan and intends to mobilize an additional US$2 billion by 2030.
wheat and barley, as well as processed products such as sunflower oil. The plan provides both short- and long-term support, with a focus on sustainable food systems, resilient supply chains and responsible consumption. Between 2022 and 2024, the OPEC Fund deployed US$1 billion under this framework and plans to mobilize an additional US$2 billion by 2030, building on five decades of experience in tackling hunger. The OPEC Fund has long been at the forefront of investing in agriculture and securing food supplies. In 2019, for example, a US$20 million loan to Senegal
Green-Blue Connect builds on the OPEC Fund’s strong legacy in water projects. For example, a US$12 million loan in 2018 helped co-finance the Northern Region Water Board project in Malawi, improving access to clean water and sanitation through infrastructure upgrades such as pipeline installation and reservoir construction.
57
Powered by FlippingBook