Chapter 2 | THE CLIMATE ACTION PLAN
Partnership Strategy for Implementation of the Climate Action Plan
Nature Solutions Finance Hub for the Asia-Pacific Region
In partnership with the Asian Development Bank, the OPEC Fund has launched the Nature Solutions Finance Hub for the Asia-Pacific region 16 . Recognizing the crit- ical role of nature in climate resilience the hub focuses on the rehabilitation and conservation of ecosystems. It leverages nature-based solutions to protect communities, optimize infrastructure and ensure a stable and biodiverse future. This approach includes the restoration of coastal mangroves, wetlands and mountain landscapes; water- shed management; reforestation for cooling; climate-re- silient cropping systems and water resource management. Additionally, the OPEC Fund is expanding its partnership with the Saudi Fund for Development and other institu- tions of the Arab Coordination Group (ACG) to establish a similar Nature Solutions Finance Hub for the MENA and Africa regions.
To address climate mitigation and adaptation effectively the OPEC Fund has implemented a three-way partnership strategy comprised of the:
1. Climate Finance and Energy Innovation Hub, 2. Food Security and Climate Adaptation Facility and, 3. Nature Solutions Finance Hub for the Asia-Pacific Region.
Climate Finance and Energy Innovation Hub
In collaboration with Sustainable Energy for All, an organiza- tion promoting climate-compatible forms of energy, and the United Nations Capital Development Fund, the OPEC Fund established the Climate Finance and Energy Innovation Hub in June 2022. 14 This initiative provides comprehensive policy support to accelerate access to modern energy services and facilitate the energy transition in partner countries. The hub also promotes projects that reduce emissions such as clean cooking technologies in underdeveloped and developing countries, offers advisory services and facilitates knowledge sharing. Its primary focus is on promoting climate mitigation efforts to tackle the dual challenges of poverty reduction and energy security.
Figure 1: Cooperation for Implementation of the Climate Action Plan
OPEC Fund Cooperation for Climate Action
in the Global South
Nature Solutions Finance Hub for the Asia-Pacific Region
Climate Finance and Energy Innovation Hub
Food Security and Climate Adaptation Facility
The OPEC Fund is also spearheading the Food Securi- ty and Climate Adaptation Facility 15 in partnership with the World Food Programme, the International Fund for Agricultural Development and other development part- ners. This facility aims at providing funding for capacity building, project preparation and technical assistance. It supports the development of a bankable pipeline of pro- jects designed to enhance agricultural value chains and strengthen food systems, particularly in the context of climate change. The goal is to effectively address the im- pacts of climate change on food security and nutrition.
Food Security and Climate Adaptation Facility
In addition to these key partnerships, the OPEC Fund has also collaborated with the ACG to collectively pledge US$24 billion in climate finance from 2022 to 2030. This commitment was announced at COP27 at Sharm El–Sheikh in Egypt, underscoring the OPEC Fund’s commitment to addressing climate change on a global scale.
14 https://publications.opecfund.org/view/137836564 15 https://www.wfp.org/news/opec-fund-and-un-world-food-programme-wfp-launch-new-facility-catalyze-us500m-support 16 https://www.adb.org/climatebank/cop28/launch-nsfh-asia-pacific-region
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