OPEC Fund at COP16: Advancing land restoration and climate action for a sustainable future

November 29, 2024: The OPEC Fund for International Development (the OPEC Fund) will join global leaders and development partners at COP16, the 16th session of the UN Convention to Combat Desertification (UNCCD), starting in Riyadh, Saudi Arabia, on Monday. Scheduled from December 2-13, 2024, under the theme “Our Land. Our Future,” COP16 will focus on scaling up global efforts to restore degraded land, combat desertification and enhance climate resilience.

OPEC Fund President Abdulhamid Alkhalifa said: 

“COP16 represents a critical opportunity to strengthen global collaboration on land restoration and climate resilience. Saudi Arabia’s leadership in hosting this conference and advancing initiatives such as the Saudi and Middle East Green Initiatives highlights the importance of collective action. The OPEC Fund is proud to align with these efforts, contributing innovative solutions to protect ecosystems and improve livelihoods.”

The OPEC Fund will have its own pavilion at space A17 in the Blue Zone, providing a platform to highlight its strategic partnership with the COP16 agenda through operations in sustainable land management, climate adaptation and energy access. The OPEC Fund will also participate in the joint Arab Coordination Group (ACG) pavilion, where all 10 members, comprising national and regional development finance institutions, will demonstrate collective action towards the Sustainable Development Goals. The ACG is also expected to make new collective announcements at COP16 in support of land restoration, biodiversity conservation and nature-positive development. OPEC Fund highlights at COP16 include:

• Engagement in High-Level Dialogue: The OPEC Fund will participate in key discussions, including the Ministerial Dialogue on “Unlocking Public and Private Finance for Land Restoration and Drought Resilience,” where it will emphasize the importance of integrated financing solutions to support vulnerable communities.
• Blue Zone Pavilion: The OPEC Fund’s pavilion will serve as a hub for collaboration and knowledge-sharing, showcasing the OPEC Fund’s work in sustainable land management, drought resilience and clean energy access.
• Clean Cooking Report: The OPEC Fund will unveil its first Clean Cooking Report, highlighting innovative solutions to address the reliance of over two billion people on traditional cooking fuels, which are harmful to human health and the environment. Through its Climate Finance and Energy Innovation Hub, the OPEC Fund is advancing clean cooking initiatives in Africa, including flagship projects in Madagascar.
• Supporting Global Partnerships: The OPEC Fund will join ACG announcements, reinforcing its role in collaborative efforts to combat desertification, restore ecosystems and promote sustainable development.

For more information and updates on the OPEC Fund’s participation at COP16 and information on the events schedule, visit COP16 Riyadh - OPEC Fund for International Development.

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$27 billion to development projects in over 125 countries with an estimated total project cost of more than US$200 billion. The OPEC Fund is rated AA+/Outlook Stable by Fitch and AA+, Outlook Stable by S&P. Our vision is a world where sustainable development is a reality for all.