Preface by the OPEC Fund President
ABDULHAMID ALKHALIFA
President The OPEC Fund for International Development
In an era marked by the intensifying impacts of climate change, the global community is at a critical juncture. The need for immediate and concerted action to address climate challenges has never been more urgent. The OPEC Fund for International Development, fully committed to advancing sustainable development in the spirit of South-South cooperation, recognizes the pivotal role that climate finance plays in shaping a sustainable, resilient and equitable future. To demonstrate how we translate this recognition into action, I am pleased to present the OPEC Fund’s inaugu- ral Climate Finance Report. This document underscores our commitment to confronting the global climate crisis through strategic planning and targeted investments in both mitigation and adaptation initiatives. The report not only highlights the far-reaching impacts of climate change but also outlines the financial imperatives necessary to limit global warming to below 1.5°C as envisaged by the Paris Agreement. Our approach to climate action is underpinned by the OPEC Fund’s Climate Action Plan. Launched in 2022, the plan sets out ambitious targets to significantly increase our climate financing in the coming years. We are proud to have already surpassed our goal of allocating a minimum of 25 percent
of new approvals towards climate action by 2025, having achieved 34 percent in 2023. This achievement demon- strates our proactive approach and the effectiveness of our strategies. The Climate Finance Report provides a comprehensive over- view of our efforts, showcasing the sectoral and geographical distribution of our financing. More precisely, it presents key projects that significantly contribute to positive impacts in both climate mitigation and adaptation. This detailed pres- entation not only illustrates our climate finance activities but also provides transparency and accountability in line with international best practices. Building on the OPEC Fund’s mission of fostering develop ment and combating poverty, we regard climate action as one of the defining challenges of our time. Developing nations, in particular, face a range of multifaceted and com- plex issues. However, we are confident that through collab- orative efforts and strategic partnerships, the development community can facilitate a just transition to a low-carbon, sustainable and climate-resilient future.
Together we can shape the future and make sustainable development a reality for all.
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