COP29

As we head into the next United Nations Climate Change Conference, COP29 in Baku, Azerbaijan — against a backdrop of intensifying climate change but also an ongoing food crisis — the OPEC Fund for International Development continues to champion South-South cooperation and work globally on a vast range of humanitarian and development projects.

From renewable energy in Bhutan, South Asia to food security in Benin, West Africa, our approach is cross-cutting and coordinated with a range of partners worldwide, from both the public and private sectors.

Fully committed to the 2030 Agenda, including helping to achieve Sustainable Development Goal 13 - Climate Action, the OPEC Fund is determined to convert ideas and commitments into real-world action. This year we will be presenting a special report in our COP29 pavilion:

• Our Climate Finance Report: highlights our contributions toward climate action across a range of sectors, demonstrating our commitment to addressing the climate challenges that partner countries face. We also highlight our progress in meeting our 2025 and 2030 climate finance targets, which are fundamental to our strategic objectives.

Our efforts are guided by the OPEC Fund’s Climate Action Plan. Launched in 2022, this plan aims to have at least 40 percent of our new financing dedicated towards climate action by 2030. As just over a third of our 2023 approvals went to climate action, we are already well on our way to meeting this target.

Other initiatives we are progressing at COP29, in partnership with UN agencies, peer development banks and scores of developing countries, include:

• Scaling-up nature-based solutions;
• Boosting resilience among Small Island Developing States;
• Unlocking financing for renewable energy in emerging markets;

By working together, we are confident that the international community can achieve a just transition to a climate-resilient world. The OPEC Fund is ready to pick up the pace and blaze a trail in building a more sustainable future for all.