COP27: OPEC Fund to launch new initiatives, strengthen partnerships and deepen impact – QNT Press Release

VIENNA, Nov. 6, 2022 /PRNewswire/ — The OPEC Fund for International Development will launch new climate action at the UN Climate Conference COP27 in Sharm El-Sheikh. The conference will see the unveiling of a multibillion-dollar financing package by the Arab Coordination Group (ACG), a group of 10 development finance institutions including the OPEC Fund, to address the global climate crisis.

The ACG package for the period 2022-2030 will support economies in developing countries to accelerate the energy transition, increase climate resilience and promote energy security. The new facility follows the adoption of the OPEC Fund Climate Action Plan that commits the institution to increase its climate finance to 40 per cent of new financing by 2030.

OPEC Fund Director-General Dr. Abdulhamid Alkhalifawho will lead the institution’s delegation at COP27said: “We are living through a challenging period, which started with the COVID-19 pandemic, quickly followed by other crises, including food insecurity, soaring inflation and an economic slowdown. Our goal now must be to …

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