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THE ROLE OF KEY STAKEHOLDERS Achieving universal access to clean cooking requires con- certed efforts from multiple stakeholders: Governments: Governments play a crucial role in setting policies, providing subsidies, developing infrastructure and promoting public education. Integrated energy plans and national strategies are essential for coordinating efforts. Private Sector: The private sector is vital for producing and distributing clean cooking technologies at scale. Firms need to invest in understanding local markets and driving techni- cal innovation. The growth in private investment, though en- couraging, is concentrated among a few large players. Development Partners: Development partners will be instru- mental in providing the funding, technical assistance and support for accessing carbon finance.
Clean cooking fits well with the OPEC Fund’s strategic ob- jectives and focus areas as defined in its updated Strategic Framework 2030. It also aligns with the Climate Action Plan, adopted in 2022, which commits the OPEC Fund to increase climate finance to at least 25 percent of all new financing by 2025 and 40 percent by 2030. In the coming years, the OPEC Fund will concentrate on sev- eral key strategies to enhance the impact of its clean cook- ing investments. A primary focus will be on scaling up inno- vation by prioritizing new technologies and business models that can be adapted and scaled across various national con- texts. This approach aims to accelerate the deployment of clean cooking solutions, ensuring they are both effective and adaptable to diverse environments. Additionally, the OPEC Fund will expand its partnerships, working closely with re- gional and international stakeholders to foster knowledge ex- change and mobilize additional resources, thereby increasing the reach and effectiveness of its initiatives. Another critical strategy involves leveraging digital tools to improve the monitoring, evaluation and scaling of clean cook- ing solutions. By incorporating advanced digital technolo- gies, the OPEC Fund will seek to refine its strategies, enhance the efficiency of its operations and maximize the impact of its investments. These digital advancements will play a cru- cial role in optimizing resource allocation and ensuring that the OPEC Fund’s initiatives are as effective as possible in pro- moting clean cooking.
THE OPEC FUND’S APPROACH TO CLEAN COOKING
The OPEC Fund has been a contributor to clean cooking ini- tiatives since the early 2000s, building knowledge and expe- rience in promoting innovative clean cooking solutions. This expertise has shaped the OPEC Fund’s approach to financ- ing and implementing clean cooking initiatives, positioning the OPEC Fund to help advance global climate and devel- opment goals.
AN OPEC FUND KNOWLEDGE SERIES REPORT 2024
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