SUBSCRIBE
PROFILE

Climate Action Plan: OPEC Fund confirms 3 new projects

The OPEC Fund for International Development has approved more than $300 million in funding for projects in developing countries in the first quarter of 2023.

Share:

Comprehensive energy news coverage, updated nonstop

Annual subscription

8.25$/month*

*billed annually at 99$/year for the first year then 149,00$/year ​

Unlimited access • Archives included • Professional invoice

SUBSCRIBE - 99$/year

OTHER ACCESS OPTIONS

Monthly subscription

Unlimited access • Archives included

5.2$/month*
then 14.90$ per month thereafter

FREE ACCOUNT

3 articles offered per month

FREE

*Prices are excluding VAT, which may vary depending on your location or professional status

Since 2021: 35,000 articles • 150+ analyses per week

The OPEC Fund for International Development has approved more than $300 million in new funding for projects to support the fight against climate change. With a commitment to its Climate Action Plan, the OPEC Fund focuses on financing projects to build climate resilience in developing countries.

OPEC Fund commits to support climate projects

In the first quarter of 2023, the OPEC Fund approved more than $300 million in new funding for projects to support the fight against climate change. The Managing Director of the OPEC Fund, Dr. Abdulhamid Alkhalifa, said that “OPEC Fund is proud to meet its climate commitments and ensure a positive impact for people and the planet. Three of the four projects approved directly support climate finance.

Projects approved by the OPEC Fund

The OPEC Fund has approved four projects that build climate resilience in developing countries. One such project is a €50 million loan for Armenia, which will support policies to increase resilience and reduce greenhouse gas emissions through a series of energy efficiency and air quality reforms. The second project is a $150 million loan for Colombia that will help promote sustainable and resilient growth by fostering the government’s capacity to plan for climate action and promote the energy transition. The third project is a $100 million loan to India that will finance the construction of a 56 km ring road around one of the country’s largest cities, serving a population of more than 4 million people. Finally, a $20 million loan for the Seychelles will support policies to promote inclusive and sustainable growth, including reforms related to land development, consumer data protection, and fisheries regulation.

OPEC Fund’s Climate Action Plan

The OPEC Fund adopted its first Climate Action Plan in September 2022, committing to increase the share of its climate finance to 40% of all new financing by 2030. The plan also aims to integrate climate action into the project cycle, increasing investments in climate adaptation, mitigation, and resilience in the energy, transportation, agriculture, food, water, and smart city sectors.

  • Popular on energynews.pro
Spie and Tesla partner to deploy battery electricity storage systems in Europe
EDF power solutions secures 250 MW battery contract in Germany
Nordex secures 200 MW contract for wind farm in Canada
Enel acquires two onshore wind farms in Germany for €80mn in strategic move
Niger signs strategic deal with Russia to revive uranium mining
Czech government prepares CEZ buyout in $9.6bn deal
Several scenarios are under review to regain control of CEZ, a key electricity provider in Czechia, through a transaction estimated at over CZK200bn ($9.6bn), according to the Minister of Industry.
France postpones publication of energy roadmap to 2026
The government has postponed the release of the new Multiannual Energy Programme to early 2026, delayed by political tensions over the balance between nuclear and renewables.
Indonesia targets $92bn to green its industrial power generation by 2050
Indonesia plans $31bn in investments by 2030 to decarbonise captive power, but remains constrained by coal dependence and uncertainty over international financing.
Drone strike cuts electricity in Khartoum and Port Sudan, two rescuers killed
A drone attack on the Al-Muqrin station paralysed part of Sudan's electricity network, affecting several states and killing two rescuers during a second strike on the burning site.
Bolivia ends fuel subsidies to contain monetary crisis
The Bolivian government eliminates subsidies on petrol and diesel, ending a system in place for twenty years amid budgetary pressure and dwindling foreign currency reserves.
Polish regulator investigates suspicious trades ahead of Orlen’s Energa announcement
Poland’s financial watchdog has launched legal proceedings over suspicious transactions involving Energa shares, carried out just before Orlen revealed plans to acquire full ownership.
Dalkia wins €15bn contract to manage Paris heating network until 2050
The Paris Council awards a €15bn, 25-year contract to Dalkia, a subsidiary of EDF, to operate the capital’s heating network, replacing long-time operator Engie amid political tensions ahead of municipal elections.
Norway to require grid operators to prepare for multiple sabotage incidents
Norway’s energy regulator plans a rule change mandating grid operators to prepare for simultaneous sabotage scenarios, with an annual cost increase estimated between NOK100 and NOK300 per household.
São Paulo pushes for termination of Enel’s concession before 2028
The State of São Paulo has requested the termination of Enel Distribuição São Paulo’s concession, escalating tensions between local authorities and the federal regulator amid major political and energy concerns three years before the contractual expiry.
Saudi Arabia grants $60mn loan to expand Mauritania’s power transmission network
Mauritania secures Saudi financing to build a key section of the “Hope Line” as part of its national plan to expand electricity transmission infrastructure inland.
How RESourceEU works, the European plan to secure critical raw materials
RESourceEU introduces direct European Union intervention on critical raw materials via stockpiling, joint purchasing and export restrictions to reduce external dependency and secure strategic industrial chains.
France opens final consultation phase for 2050 low-carbon strategy
The third National Low-Carbon Strategy enters its final consultation phase before its 2026 adoption, defining France’s emissions reduction trajectory through 2050 with sector-specific and industrial targets.
Germany to raise allowed electricity grid revenues from 2029
Germany will allow a minimum 1.4% increase in grid operator revenues from 2029, while tightening efficiency requirements in a compromise designed to unlock investment without significantly increasing consumer tariffs.
French power overcapacity forces strategic revision before end of December
Facing a structural electricity surplus, the government commits to releasing a new Multiannual Energy Programme by Christmas, as aligning supply, demand and investments becomes a key industrial and budgetary issue.
Fossil fuel divisions block adoption of major UN report
A key scientific report by the United Nations Environment Programme failed to gain state approval due to deep divisions over fossil fuels and other sensitive issues.
France: RTE calls for accelerated electrification to reduce fossil fuel dependence
RTE warns of France’s delay in electrifying energy uses, a key step to limiting fossil fuel imports and supporting its reindustrialisation strategy.
India cancels 6.3 GW of renewable connections, signalling regulatory shift
India’s central authority has cancelled 6.3 GW of grid connections for renewable projects since 2022, marking a tightening of regulations and a shift in responsibility back to developers.
Brazil launches roadmap to reduce its dependence on oil
The Brazilian government has been instructed to define within two months a plan for the gradual reduction of fossil fuels, supported by a national energy transition fund financed by oil revenues.
Germany delays RED III directive, retroactive enforcement now likely
The German government may miss the January 2026 deadline to transpose the RED III directive, creating uncertainty over biofuel mandates and disrupting markets.
Italy awards 8.6GW in renewables in Fer-X tender
Italy allocated 82% of the proposed solar and wind capacities in the Fer-X auction, totalling 8.6GW, with competitive purchase prices and a strong concentration of projects in the southern part of the country.

All the latest energy news, all the time

Annual subscription

8.25$/month*

*billed annually at 99$/year for the first year then 149,00$/year ​

Unlimited access - Archives included - Pro invoice

START - 99$/year

Monthly subscription

Unlimited access • Archives included

5.2$/month*
then 14.90$ per month thereafter

*Prices shown are exclusive of VAT, which may vary according to your location or professional status.

Since 2021: 30,000 articles - +150 analyses/week.