Joint Vision, Shared Mission

The OPEC Fund at the Abu Dhabi Sustainability Week

In the 15 years of its existence the Abu Dhabi Sustainability Week has become a key event in the international conference calendar when it comes to addressing global challenges such as climate action, energy transition and sustainable economic development.

The OPEC Fund participated in the event in mid-January 2023 with a delegation led by Director-General Abdulhamid Alkhalifa, demonstrating the high importance it attributes to the related activities of its member country United Arab Emirates and offering its support for the success of the UN Climate Change Conference COP28 in December in Dubai.

The OPEC Fund head met with Mohamed bin Hadi Al Hussaini, UAE Minister of State for Financial Affairs, Majid Al-Suwaidi, COP28 Director-General, Mohamed Saif Al Suwaidi, Director General of the Abu Dhabi Fund for Development, and Abdulrahman Al Hamidy, Director General Chairman of the Board of the Arab Monetary Fund.

The UAE has launched intense preparations for the COP28 conference which it has dedicated to become the first “Global Stocktake” since the adoption of the Paris Agreement in 2015. The goal is “a comprehensive assessment of progress” as COP28 President Sultan Ahmed Al Jaber said.

It will be a moment of truth: “We are way off track,” he warned. “The world is playing catch-up when it comes to the key Paris goal of holding temperatures down to 1.5°C and the hard reality is that to achieve this goal, global emissions must fall 43 percent by 2030.”

One major way to make progress is a rapid increase in renewable energy. The Abu Dhabi-based International Renewable Energy Agency (IRENA) was set up to support the energy transition with technology, innovation, policy, finance and investment. The OPEC Fund delegation attended IRENA’s annual meeting as the opening event of the Sustainability Week.

Director-General Alkhalifa signed an agreement with IRENA towards cooperation in a new US$1 billion energy transition facility. He said: “Building on our Climate Action Plan and the successful participation in COP27 we want to demonstrate our commitment to supporting a sustainable and just energy transition.”

The OPEC Fund delegation at the Abu Dhabi Sustainability Week also included Al Shaimaa Al-Sheiby, Senior Director, Strategic Planning & Economic Services, Nadia Benamara, Director, Communications, and Musab Alomar, Director, MENA, Eastern Europe & Central Asia – Public Sector Operations.