SPOTLIGHT
THE OPEC FUND AT COP28 Prioritizing partnerships for a better tomorrow By Howard Hudson, OPEC Fund
“W e united, we acted, we delivered” are the six simple words used to sum up the UN’s 28th Climate Change Conference (COP28), which closed on December 12, 2023. Hosted by OPEC Fund member country the United Arab Emirates (UAE), it was clear that partnerships were a priority from the outset and a critical driver of success. Announcing more than US$85 billion in new financial commitments as part of the groundbreaking UAE Consensus, COP28 President Sultan Al Jaber said: “Together, we have confronted realities and we have set the world in the right direction. We have given it a robust action plan to keep [the Paris Agreement target of] 1.5 C within reach. It is a plan that is led by the science. It is a balanced plan, that tackles emissions, bridges the gap on adaptation, reimagines global finance, and delivers on loss and damage. It is built on common ground. It is strengthened by inclusivity. And it is reinforced by collaboration.” The OPEC Fund is proud to have played a substantial role in this success with an extensive program featuring dozens of sessions, ranging from high- level meetings with UN leadership and government officials to panel events with the United Nations Framework Convention on Climate Change
Heads of the Arab Coordination Group
(UNFCCC) and other global partners – including many hosted within the OPEC Fund pavilion. The OPEC Fund also took part in the Arab Coordination Group’s (ACG) announcement of a 7-point strategic initiative, which outlines the deployment of US$10 billion financing by 2030 to accelerate the global shift to clean and renewable energy sources. This amount for the Sustainable and Equitable Energy Transition is part of the landmark ACG US$24 billion pledge announced at last year’s COP, which is currently being rolled out worldwide, particularly in UN- designated least developed countries
and small island developing states. This latest development compliments a US$50 billion pledge made earlier this year by ACG members, including the OPEC Fund, for financing sustainable development in Africa. A small snapshot of our interactions at COP28 included OPEC Fund Director-General Abdulhamid Alkhalifa
conducting a range of high-level meetings including with Simon Steill, Executive Secretary of the
UNFCCC, the UN agency in charge of the Paris Agreement; Jeanne d'Arc Mujawamariya, Minister of Environment of the Republic of Rwanda; Cindy H. McCain, Executive Director of the World
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