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- OPEC Fund participates in SEforALL Forum in Kigali, advocates for progress towards SDG7- Affordable and Clean Energy
OPEC Fund participates in SEforALL Forum in Kigali, advocates for progress towards SDG7- Affordable and Clean Energy
May 18, 2022: The OPEC Fund for International Development (the OPEC Fund) is stepping up its support for Sustainable Development Goal 7 - Affordable and Clean Energy (SDG 7). Led by Director-General Abdulhamid Alkhalifa, a delegation of the OPEC Fund is participating in the 2022 Sustainable Energy for All (SEforALL) Forum in Kigali, Rwanda, and presenting the institution's plans for an Energy Access and Transition Trust Fund.
The facility’s aim is to support clean cooking solutions and will be rolled out as a model project in Madagascar. Household air pollution from cooking with traditional stoves and fuels is linked to four million deaths each year and a significant contributor to greenhouse gas emissions. According to World Bank estimates, more than 2.6 billion people worldwide do not have access to clean cooking solutions.
On the opening day of the Forum, Director-General Alkhalifa hosted an OPEC Fund-led parallel session “Scaling Finance: Equitable Transitions and Clean Cooking” and delivered closing remarks for the Forum’s first day. The OPEC Fund’s session presented and promoted the planned trust fund. Showcasing Madagascar, the OPEC Fund demonstrated how integrated energy access planning, greater coordination among actors and innovative finance mechanisms can unlock investment opportunities.
SEforALL is dedicated to drive faster action towards the achievement of affordable, reliable, and sustainable energy, and the OPEC Fund has partnered in the initiative since its launch in 2011. Director-General Alkhalifa said: “We are excited to support SEforALL and this significant meeting of stakeholders, who are all working towards the common goal of achieving SDG7. The OPEC Fund is committed to address the twin challenges of energy access and climate action helping to ensure that no one is left behind.”
The annual global gathering, co-hosted by SEforALL and the Government of Rwanda, brings together nearly one thousand stakeholders who are united by their work to accelerate progress towards the delivery of SDG 7 to end energy poverty and advance a just energy transition.
The OPEC Fund delegation is also engaging with key partners at the Forum as part of its focus to drive development partnerships and financing as a key contributor to the 2030 Sustainability Agenda. Separately, in a bilateral meeting, the OPEC Fund Director-General has signed a US$18 million-loan agreement with the government of Rwanda for the Nyacyonga-Mukoto road project, improving key transport infrastructure and strengthening the OPEC Fund’s decades of partnership with Rwanda.
About the OPEC Fund
The OPEC Fund for International Development (the OPEC Fund) is the only globally mandated development institution that provides financing from member countries to non-member countries exclusively. The organization works in cooperation with developing country partners and the international development community to stimulate economic growth and social progress in low- and middle-income countries around the world. The OPEC Fund was established by the member countries of OPEC in 1976 with a distinct purpose: to drive development, strengthen communities and empower people. Our work is people-centered, focusing on financing projects that meet essential needs, such as food, energy, infrastructure, employment (particularly relating to MSMEs), clean water and sanitation, healthcare and education. To date, the OPEC Fund has committed more than US$22 billion to development projects in over 125 countries with an estimated total project cost of US$187 billion. The OPEC Fund was rated AA+/Outlook Stable by Fitch and AA/Outlook Positive by S&P in 2021. Our vision is a world where sustainable development is a reality for all.