Staff on COP27: Spearheading innovation

This series highlights our climate and development work worldwide, with an equal focus on planet and people. From agriculture in Africa to energy in Asia, our projects contribute to climate action through numerous public and private sector initiatives and partnerships. In September 2022, the OPEC Fund adopted its first Climate Action Plan, with a commitment to doubling our share of climate financing to 40 percent by 2030, while mainstreaming climate action across our operations. #OPECFundAtCOP27

Somnath Basu, Senior Advisor ESG — Strategic Planning & Economic Services

One of our COP27 events, co-hosted with SEforALL and UNCDF will focus on climate finance innovation. How is the OPEC Fund helping to pioneer these new approaches?

The OPEC Fund together with UNCDF, SEforALL and other key partners are in the process of developing a major clean cooking project, which will start in Madagascar before fanning out to Malawi, Rwanda, the Democratic Republic of Congo and beyond.

We are spearheading policy interventions and the development of tools, now being highlighted at COP27, to demonstrate the specific importance of clean cooking, as well as the broader need to accelerate sustainable interventions to achieve SDG 7 by 2030.

What are the overlaps between development work and climate action? How are they compatible and even complementary?

Combating the impacts of climate change is possibly the most critical challenge of our time, given that carbon dioxide levels in the atmosphere are now 50 percent higher than pre-industrial levels.

However, around 700 million people worldwide still live in extreme poverty and current events are likely to increase that number. It is therefore critically important to integrate climate and development strategies to deliver green, resilient and inclusive development. A balanced approach should be adopted to ensure socio-economic sustainability and at the same time reduce greenhouse gas emissions through strong social policies, in line with ambitious climate action plans.