N o COP occurs in a vacuum and the OPEC Fund had much to build on with various partners. Last year we adopted a Climate Action Plan which is currently being implemented successfully: Against a target of 40 percent of all new financing to climate action by 2030, we are already at 33 percent with strategies in place to lock in these gains. The OPEC Fund also played a critical role in mobilizing the US$24 billion climate pledge by the Arab Coordination Group (ACG), announced at last year’s COP27 in Sharm El- Sheikh. Director-General Alkhalifa said: “The OPEC Fund is stepping up its efforts as a committed development partner offering financing solutions as well as technical assistance. As an institution dedicated to South-South cooperation, we are participating in COP28 as an advocate for those who need our support and solidarity. While we are successfully implementing our Climate Action Plan we stand ready to join forces with our development partners to deliver concrete results where they matter most.” These concrete results of helping vulnerable communities worldwide were summed up ahead of COP28 by several OPEC Fund country managers, who regularly conduct field visits to public sector projects on the ground across the Global South, but also by our private sector team, which is ramping up our activities in support of climate action. The following three examples in Asia, Africa and Latin America cover our global portfolio in the OPEC Fund’s strategic priority
was also represented by Assistant Director-General Tarek Sherlala, who spoke, among other engagements, at sessions entitled “Unlocking Climate Blended Finance in the
Middle East and North Africa Region” and “Private Capital Mobilization for Just Transition” in a joint session with the Asian Infrastructure Investment Bank (AIIB). Senior Director Strategic Planning Al Shaimaa Al-Sheiby participated, among others, in panels on “Climate Smart Agriculture and Adaptation Measures”, “Private-enabled Climate Finance from South to South” and “Strides in Clean Cooking – Showcasing Partnerships”. Other OPEC Fund speakers included Communications Director Nadia Benamara, Public Sector Director Musab Alomar, Business Development Director Khalid Khadduri, Strategic Planning Director Adebayo Babalola and Senior ESG Advisor Somnath Basu. The Director-General said: “Under really challenging circumstances the OPEC Fund delivered a successful mission to COP28. Our presence and active involvement demonstrated our commitment to climate action and a just, equitable and sustainable energy transition. Through new partnerships we are paving the way for innovative approaches to address global concerns and strengthening climate resilience and adaptation.”
areas of climate action, energy transition and food security.
The OPEC Fund delivered a successful mission to COP28. Our presence and active involvement demonstrated our
PHOTO: OPEC Fund
From top: Tarek Sherlala, OPEC Fund Assistant Director-General; Al Shaimaa Al-Sheiby, OPEC Fund Senior Director Strategic Planning; Somnath Basu, OPEC Fund Senior ESG Advisor
commitment to climate action.
Abdulhamid Alkhalifa, OPEC Fund Director-General
Bhutan: The Role of Hydropower in Transforming the Economy
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