OPEC fund to launch new climate action at COP-27

The OPEC Fund for International Development said it will be launching new climate action at the UN Climate Conference COP27 at Sharm El-Sheikh. The Arab Coordination Group (ACG), a group consisting of 10 development financial institutes that includes the OPEC fund, will unveil a multibillion dollar package which will help support developing economies' with energy transition, increase climate resilience and promote energy security, a statement from the OPEC said.

This ACG package will be for the period between 2022 and 2030. This new facility will adopt the existing OPEC fund's Climate Action Plan which has committed to increase climate financing by 40% of new financing by 2030.

"Our goal now must be to get things back on track for development. We must use COP27 to strengthen international cooperation so that we can maximise impact in a sustainable way for all partner countries," said OPEC Fund Director-General Dr. Abdulhamid Alkhalifa. Alkhalife is also leading the instiution's delegation at COP27.

The note add that the fund will also roll out its Climate Finance and Energy Innovation Hub. This will be a joint facility with the United Nations Capital Development Fund and Sustainable Energy For All and will provide support for clean and affordable energy in developing nations, starting with Madagascar. It is setting aside $100 million for this fund.