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OPEC Fund Approves New Financing to Fulfill its Climate Action Plan
The OPEC Fund for International Development (OFID) approved more than $300 million in new funding in the first quarter of 2023, reflecting the institution's commitment to fulfilling its Climate Action Plan. Three of the four projects approved by the OPEC Fund's Governing Board directly support climate finance.
The OPEC Fund adopted its first dedicated climate action plan in September 2022. The plan commits the organization to increasing the share of its climate finance to 40 percent of all new finance by 2030 and to mainstreaming climate action into the project cycle by making more investments in climate change adaptation, mitigation and resilience in energy, transport, agriculture, food,…
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