OPEC Fund to sign agreements for climate action at COP28

Ahram Online , Wednesday 29 Nov 2023

The OPEC Fund for International Development (the OPEC Fund) is set to sign a host of agreements with international institutions to support climate action efforts in developing countries during the COP28 conference in the UAE.


According to a statement on Wednesday, the fund is set to partner with the International Atomic Energy Agency (IAEA) and the International Renewable Energy Agency (IRENA)

The fund will also support new initiatives launched in cooperation with the Asian Development Bank (ADB) and the World Food Programme (WFP) to address climate-related challenges and food security in developing countries.

The OPEC Fund will meet with leaders of partner institutions and co-host a number of side events, including with the United Nations Framework Convention on Climate Change (UNFCCC), Arab Coordination Group (ACG), United Nations Industrial Development Organization (UNIDO), and Sustainable Energy for All (SEforALL).

“As an institution dedicated to South-South cooperation we are participating in COP28 as an advocate for those who need our support and solidarity in the spirit of fair burden-sharing,” said OPEC Fund Director-General Abdulhamid Alkhalifa.

Additionally, the OPEC Fund will host events and meetings with partners from multilateral development banks, international financial institutions, partner countries, and private sector representatives during the two-week conference in Dubai.

COP28 is scheduled from 30 November to 12 December.

Since its launch in 1976, the OPEC Fund has provided $24 billion to development projects in over 125 countries. The fund granted Egypt $10 million in loan facility in September 2023 to support food security in the country. The loan was a part of $200 million financed by the International Islamic Trade Finance Corporation (ITFC). 

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