OPEC Fund approves $220m for climate projects


Projects in Armenia, Colombia and the Seychelles will boost resilience, energy transition and sustainable growth. 

The OPEC Fund for International Development (the OPEC Fund) has approved more $220m in new financing in the first quarter of 2023 to support climate action in three countries under its Climate Action Plan.

The OPEC Fund adopted its first dedicated Climate Action Plan in September 2022, which commits the organisation to increase the share of its climate financing to 40% of all new financing by 2030 and to mainstream climate action into the project cycle, increasing climate adaptation, mitigation and resilience investments in energy, transport, agriculture, food, water and smart cities.

OPEC Fund director general Dr. Abdulhamid Alkhalifa said: “The OPEC Fund is proud to deliver on its climate commitments and ensure a positive impact for people and planet. These efforts will aid our partners in Africa, Asia and Latin America to enhance their climate policies while boosting resilience to climate change.”

In Armenia, the climate-related funding announced will see the country benefit from €50m to increase climate resilience and mitigation through energy efficiency, air quality standards and environmental impact assessments.

In Colombia, $150m will support the promotion of sustainable and resilient growth by expanding government planning on its own climate action and the nation’s energy transition, while in the Seychelles, a US$20m loan will support the delivery of climate-related reforms to land development, consumer data protection and fishing regulations.