EVENTS
SETTING THE STAGE FOR COP28
EVENT: MENA Climate Week, Riyadh
First results of the UN Global Stocktake show that “the world is not on track”
I n a major regional gathering organized by the United Nations Framework Convention on Climate Change (UNFCCC) and hosted by the Kingdom of Saudi Arabia, representatives from Middle East and North Africa (MENA) region countries, development institutions, businesses and civil society met for the MENA Climate Week in Riyadh in mid-October. The OPEC Fund delegation was led by Director-General Abdulhamid Alkhalifa who stressed the importance of “aligning positions and agreeing on actionable solutions” ahead of the UN Climate Change Conference COP28 in Dubai. As holder of the COP Presidency, the United Arab Emirates has called for “unity, action and multilateralism” to secure the success of the largest climate conference ever with more than 70,000 attendees. The Director-General took part in several opening day events in Riyadh, including the ceremonial kick-off hosted by Prince Abdulaziz bin Salman, Saudi Arabia’s Minister of Energy. In bilateral meetings he focused on ways to strengthen cooperation and deepen impact for OPEC Fund activities at COP28 and beyond. A key theme of the MENA Climate Week 2023 was the Global Stocktake led by the UNFCCC, as the Paris Agreement watchdog, and the COP28 Presidency. The examination showed that the world is not on track to limit global warming to 1.5°C and implementation is lacking across all areas. While the stocktake credits the Paris Agreement for having inspired near- universal climate action and playing a central role in catalyzing cooperation, there is a big mitigation gap. The current trajectory of global emissions is not in line with limiting the global temperature rise to 1.5°C, while adaptation to climate
the Islamic Development Bank, the Asian Development Bank (ADB), the United Nations Development Programme and the International Renewable Energy Agency, OPEC Fund Senior Director Al Shaimaa Al-Sheiby explored the region’s current energy landscape and renewable energy potential. Main takeaways from the discussions revolved around highlighting the significance of increasing climate financing, the pivotal role of multilateral organizations in supporting nationally
determined commitments and how to build local capacities and strengthen inclusion in MENA countries. Moreover, the region must share lessons learned and invest more in clean and renewable energy. While technological advancement is progressing rapidly, operational limitations and data scarcity limit implementation. Panelists concurred that greater regional cooperation is required to tackle the multifaceted challenges of
Greater regional cooperation is required to tackle
OPEC Fund Director- General Abdulhamid Alkhalifa in an interview at MENA Climate Week
climate change.
change is also not at the levels needed. The stocktake
calls for a systems transformation, following a comprehensive approach that mainstreams climate resilience and development aligned with low greenhouse gas emissions. Such efforts must be maintained over decades, supporting sustainable development. The stocktake also points to a growing gap between the needs of developing countries and the support provided and mobilized for them, and calls for the unlocking and redeployment of trillions of dollars towards climate action and climate-resilient development. The OPEC Fund also hosted an expert panel on “Financing MENA’s Energy Transition”. Together with partners from
climate change. Cooperation is not only necessary for more efficient achievement of development and climate goals, but also indispensable across sectors, from energy to food to water, in order to sustain economic, social and environmental health. The OPEC Fund team also met with the ADB to further develop a joint “Nature Solutions Finance Hub”. Discussions were also held with the Saudi Development Fund and representatives from the UNFCCC MENA & South Asia Regional Collaboration Center and the Crop Trust – an international NGO dedicated to conserving global crop diversity.
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