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- OPEC Fund boosts partnerships at Abu Dhabi Sustainability Week, promoting just, inclusive and equitable energy transition
OPEC Fund boosts partnerships at Abu Dhabi Sustainability Week, promoting just, inclusive and equitable energy transition
January 15, 2023: In support of the United Arab Emirates (UAE) Presidency of the UN Climate Change Conference COP28, the OPEC Fund for International Development (OPEC Fund) is confirming its commitment to climate action with a high-profile mission led by Director-General Dr. Abdulhamid Alkhalifa. “We stand ready to support our member country UAE in the preparation and delivery of the crucial COP28 summit and its drive for solutions.”
The head of the OPEC Fund is participating in the Abu Dhabi Sustainability Week (January 14-19) and the 13th session of the assembly of the International Renewable Energy Agency (IRENA) in Abu Dhabi, UAE to ramp up efforts to mobilize sustainable finance and advance renewable energy investments in emerging and developing economies. Under its Climate Action Plan the OPEC Fund is increasing the share of its climate financing to 40 percent of all financing by 2030.
Today, at the sidelines of the conference Dr. Alkhalifa and IRENA Director-General Francesco La Camera signed an agreement paving the way for the OPEC Fund to become a partner in the Energy Transition Accelerator Financing (ETAF) platform. The facility, managed by IRENA, seeks to mobilize an initial US$1 billion into renewable energy projects in developing markets. An official partnership is expected to be announced later this year.
The OPEC Fund Director-General said:
“The OPEC Fund is determined to tackle the twin challenges of climate change and energy poverty. We promote an inclusive and just energy transition that leaves no one behind. The agreement with IRENA further strengthens our joint efforts to mobilize investments and facilitate access to innovative financing solutions, knowledge and technologies to support the energy transition in our partner countries.”
During the Abu Dhabi Sustainability Week, OPEC Fund Director-General Dr. Alkhalifa also participated in the ETAF Ministerial Dialogue and met with Mohamed bin Hadi Al Hussaini, UAE Minister of State for Financial Affairs; Mariam bint Mohammed Saeed Hareb Almheiri, UAE Minister of Climate Change and Environment; Mohamed Al Suwaidi, Director General of the Abu Dhabi Fund for Development; Abdulrahman Al Hamidy, Director General Chairman of the Board of the Arab Monetary Fund along with other partners and institutions. Today Dr. Alkhalifa also met with Ambassador Majid Al Suwaidi, Director General of COP28, reiterating the OPEC Fund’s commitment to align efforts and ensure that COP28 is a game-changer.
The OPEC Fund delegation included Al Shaimaa Al-Sheiby, Senior Director, Strategic Planning & Economic Services, Musab Alomar, Director, MENA, Eastern Europe & Central Asia, Public Sector Operations, and Nadia Benamara, Director, Communications.
According to its Climate Action Plan, the OPEC Fund is increasing climate adaptation, mitigation and resilience investments in energy, transport, agriculture, food, water and smart cities. The plan was followed at COP27 in November by a US$24 billion climate finance facility by the Arab Coordination Group, a strategic alliance in which the OPEC Fund is a member.
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 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$23 billion to development projects in over 125 countries. The OPEC Fund is rated AA+/Outlook Stable by Fitch and AA, Outlook Positive by S&P. Our vision is a world where sustainable development is a reality for all.