The ACG package for 2022-2030 will support economies in developing countries to accelerate energy transition, increase climate resilience and enhance energy security. The new facility follows the adoption of the OPEC Fund’s Climate Action Plan, which commits the organization to increase its climate financing to 40% of new financing by 2030.
“We are living in a difficult period that began with the COVID-19 pandemic, quickly followed by other crises, including food insecurity, inflation and economic slowdown, so we must Our goal now is to get things back on the development path. We must use COP27 to enhance international cooperation so that we can increase impact in a sustainable way for all partner countries.”
During COP27, the OPEC Fund will also launch the Center for Climate Finance and Energy Innovation, a joint facility with the United Nations Fund for Capital Development and Sustainable Energy for All, which will provide support for achieving Sustainable Development Goal 7 “Clean and Affordable Energy”, in developing countries, starting with from Madagascar. The OPEC Fund allocates $100 million to the center and aims to raise $1 invested from sovereign sources to $4 of green and sustainable capital.
The conference in Sharm El-Sheikh will also witness a number of events and meetings organized by the OPEC Fund from November 7 to 18, along with partners from the community of multilateral development banks, international financial institutions, partner countries and representatives of the private sector, where the OPEC Fund delegation will participate in discussions On sustainable infrastructure, private sector mobilization, food security, clean cooking, and other important and timely topics.
The signing of a Memorandum of Understanding with the African Development Bank will enhance the partnership between the two institutions in order to promote sustainable social and economic growth in Africa through synergies, knowledge sharing and increased co-financing opportunities.
The OPEC Fund will be present at COP27 with its own pavilion in the Blue Zone – a space administered by the United Nations; The negotiations will be hosted and attendees must be accredited by the UNFCCC Secretariat.
It should be noted that Egypt will host the 27th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP27), during the period from 6-18 November 2022, which will be held in Sharm El-Sheikh, and represents an important opportunity to consider the effects of climate change in Africa; To implement the recommendations of the 2015 Paris Agreement and activate the recommendations of the Glasgow Conference 2021; and mobilize collective action on climate change adaptation and mitigation actions.