Connection

popular articles

France’s 100 Billion Investment in Power Grid: Limited Impact on Bills, According to RTE
Bechtel begins construction of Thacker Pass lithium complex with $2.26bn federal loan
France achieves record electricity exports in 1st half of 2024
Uranium: Soaring Prices, New Nuclear Era
Sweden Criticizes Germany on Energy Policy as Electricity Prices Rise

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.

Please share:

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.

Register free of charge for uninterrupted access.

Publicite

Latest news

Clearway invests $60mn in wind with acquisition of Tuolumne project
Up to 3.5 million m³ of gas redirected to Brazil’s spot market in 2025
Energy Fuels sets uranium production record at Pinyon Plain mine
TC Energy invests CA$2.4bn in nuclear and natural gas
Air Products posts $1.7bn net loss and exits three US projects

Recently published in

Peter Dutton commits $200bn to bypass nuclear ban in Australia

Australia’s opposition leader unveils a seven-reactor plan, challenging current energy policy days before federal elections and reviving a decades-old debate.
French regulator lowers pace of renewable energy development
The French Energy Regulatory Commission proposes reducing certain renewable generation targets due to a slower-than-expected rise in electricity demand.
en_1140290949540-18
French regulator lowers pace of renewable energy development
The French Energy Regulatory Commission proposes reducing certain renewable generation targets due to a slower-than-expected rise in electricity demand.
en_1140290949540-18
Bernard Fontana sets his priorities to reposition EDF in the French energy landscape
Nominated to lead EDF, Bernard Fontana aims to restore dialogue with electro-intensive industries and oversee the nuclear revival while ensuring the group’s financial sustainability.
en_1140290944540-20
Bernard Fontana sets his priorities to reposition EDF in the French energy landscape
Nominated to lead EDF, Bernard Fontana aims to restore dialogue with electro-intensive industries and oversee the nuclear revival while ensuring the group’s financial sustainability.
en_1140290944540-20
Massive power outage in Spain reignites questions over energy mix
Two days after a blackout that disrupted 60% of national demand, the growing share of renewables in Spain’s grid faces strong political and industrial criticism.
en_1140290951540-17
Massive power outage in Spain reignites questions over energy mix
Two days after a blackout that disrupted 60% of national demand, the growing share of renewables in Spain’s grid faces strong political and industrial criticism.
en_1140290951540-17

BPCE ranked last among French banks for its carbon strategy

The NGO Reclaim Finance ranked BPCE last among twenty major European banks for its lack of commitment to the transition towards carbon neutrality, according to a study published on Tuesday.
France: Bayrou delays publication of energy decree amid political pressure
François Bayrou plans to postpone the publication of the French energy decree until the end of the summer after parliamentary review, under pressure from the Rassemblement National and part of the right.
en_1140290948540-16
France: Bayrou delays publication of energy decree amid political pressure
François Bayrou plans to postpone the publication of the French energy decree until the end of the summer after parliamentary review, under pressure from the Rassemblement National and part of the right.
en_1140290948540-16
European Investment Bank grants PLN2.25 billion to PGE to support Polish energy
The European Investment Bank signs a loan of over €525mn with PGE to develop solar projects and modernise a power plant in Poland.
en_1140290959540-14
European Investment Bank grants PLN2.25 billion to PGE to support Polish energy
The European Investment Bank signs a loan of over €525mn with PGE to develop solar projects and modernise a power plant in Poland.
en_1140290959540-14
Enarsa Privatization: Argentina Refocuses Energy Strategy on Regulation
Argentina initiates Enarsa's privatization to redefine the state's role toward stronger regulation, paving the way for increased private investment in the national energy sector amid significant industrial and commercial transformation.
en_1140290988540
Enarsa Privatization: Argentina Refocuses Energy Strategy on Regulation
Argentina initiates Enarsa's privatization to redefine the state's role toward stronger regulation, paving the way for increased private investment in the national energy sector amid significant industrial and commercial transformation.
en_1140290988540

Just Stop Oil ends direct actions after three years of mobilisation in London

The British environmental movement Just Stop Oil organised its final march in London on Saturday, announcing the end of its spectacular actions against new oil and gas projects in the United Kingdom.
Netherlands mobilizes €11.4 billion to secure its energy competitiveness
The Dutch government is unlocking €11.4 billion aimed at securing industrial energy supplies, strengthening electricity infrastructure, and accelerating civilian nuclear development, in response to current economic and energy constraints.
en_1140291001540
Netherlands mobilizes €11.4 billion to secure its energy competitiveness
The Dutch government is unlocking €11.4 billion aimed at securing industrial energy supplies, strengthening electricity infrastructure, and accelerating civilian nuclear development, in response to current economic and energy constraints.
en_1140291001540
France seeks to create a China-EU duo to offset US withdrawal
France proposes a stronger alliance between the European Union and China to counter the absence of the United States in the fight against climate change, with a summit scheduled for July 2025.
en_1140290969540-4
France seeks to create a China-EU duo to offset US withdrawal
France proposes a stronger alliance between the European Union and China to counter the absence of the United States in the fight against climate change, with a summit scheduled for July 2025.
en_1140290969540-4
Hydro-Québec launches a 10 G$ energy efficiency plan by 2035
Hydro-Québec announces a 10 G$ investment to enhance energy efficiency through various initiatives by 2035, creating over 5,000 jobs and reducing operating costs for Quebec customers.
en_1140290964540-4
Hydro-Québec launches a 10 G$ energy efficiency plan by 2035
Hydro-Québec announces a 10 G$ investment to enhance energy efficiency through various initiatives by 2035, creating over 5,000 jobs and reducing operating costs for Quebec customers.
en_1140290964540-4

The UK and Eni finalize financing for CO2 storage project in the Irish Sea

The UK government and Italian energy company Eni have announced the financial closing of a project aimed at burying millions of tonnes of CO2 in the Irish Sea, an ambitious initiative to reduce industrial emissions.
Washington criticises anti-fossil policies at IEA summit
The United States strongly criticised anti-fossil fuel policies at the International Energy Agency (IEA) summit, highlighting their dangers to global energy security.
en_1140290944540-17
Washington criticises anti-fossil policies at IEA summit
The United States strongly criticised anti-fossil fuel policies at the International Energy Agency (IEA) summit, highlighting their dangers to global energy security.
en_1140290944540-17
Countries accused of overstating carbon sinks to slow energy transition
Countries such as Brazil and Australia are criticised for overstating the CO2 absorption capacity of their forests, a practice that undermines their commitment to reducing greenhouse gas emissions, according to a report by Climate Analytics.
en_1140290943540-17
Countries accused of overstating carbon sinks to slow energy transition
Countries such as Brazil and Australia are criticised for overstating the CO2 absorption capacity of their forests, a practice that undermines their commitment to reducing greenhouse gas emissions, according to a report by Climate Analytics.
en_1140290943540-17
Summit in London: Tensions over the role of renewable energy in global energy security
In London, global officials gather to discuss energy security amid rising geopolitical tensions. Disagreements persist on the role of renewable energy in meeting global demand.
en_1140290947540-15
Summit in London: Tensions over the role of renewable energy in global energy security
In London, global officials gather to discuss energy security amid rising geopolitical tensions. Disagreements persist on the role of renewable energy in meeting global demand.
en_1140290947540-15

Energy stakeholders call for acceleration of electrification in France

As a parliamentary debate approaches, twenty energy organizations urge lawmakers to act to reduce France's reliance on fossil fuels by accelerating the electrification of uses.
Nigeria plans to add 4,000 MW to its energy capacity by 2026
Nigeria aims to increase its electricity production capacity by 4,000 MW by 2026 to meet the growing demand of the industrial sector, in a context of reforms and partnerships with international players.
en_1140290954540-13
Nigeria plans to add 4,000 MW to its energy capacity by 2026
Nigeria aims to increase its electricity production capacity by 4,000 MW by 2026 to meet the growing demand of the industrial sector, in a context of reforms and partnerships with international players.
en_1140290954540-13
EDF promises electricity more competitive than that of the United States by 2026
EDF’s outgoing CEO, Luc Rémont, claims French electricity will be more competitive than that of the United States, despite ongoing criticisms from industrialists about high tariffs.
en_1140290945540-14
EDF promises electricity more competitive than that of the United States by 2026
EDF’s outgoing CEO, Luc Rémont, claims French electricity will be more competitive than that of the United States, despite ongoing criticisms from industrialists about high tariffs.
en_1140290945540-14
Trump policies: renewable energy and storage sectors on alert in US markets
Donald Trump's aggressive trade policies and regulatory uncertainty in the United States are slowing investments in wind, solar, and energy storage, pushing the sector into a period of caution and market volatility.
en_1140290951540-12
Trump policies: renewable energy and storage sectors on alert in US markets
Donald Trump's aggressive trade policies and regulatory uncertainty in the United States are slowing investments in wind, solar, and energy storage, pushing the sector into a period of caution and market volatility.
en_1140290951540-12

The French state allocates €400mn to accelerate industrial decarbonisation

Paris releases a new €400mn funding package to support industrial projects aimed at reducing emissions under the France 2030 programme.
Decline in European and American funding: threat to Africa’s transition
The massive withdrawal of American financial support and the reduction of European aid could jeopardize energy projects in Africa, profoundly altering their financing structure and the continent's commitments.
en_1140290952540-11
Decline in European and American funding: threat to Africa’s transition
The massive withdrawal of American financial support and the reduction of European aid could jeopardize energy projects in Africa, profoundly altering their financing structure and the continent's commitments.
en_1140290952540-11
Vietnam quadruples solar and wind targets in revised energy plan
The Vietnamese government has raised its renewable energy targets in a new version of its national energy plan, responding to continued growth in electricity demand.
en_1140290948540-12
Vietnam quadruples solar and wind targets in revised energy plan
The Vietnamese government has raised its renewable energy targets in a new version of its national energy plan, responding to continued growth in electricity demand.
en_1140290948540-12
A new power outage affects over one million homes in Puerto Rico
A massive outage plunged Puerto Rico into darkness on Wednesday, leaving approximately 1.1 million households without electricity after an unexpected shutdown of all its power plants.
en_1140290951540-10
A new power outage affects over one million homes in Puerto Rico
A massive outage plunged Puerto Rico into darkness on Wednesday, leaving approximately 1.1 million households without electricity after an unexpected shutdown of all its power plants.
en_1140290951540-10

Advertising

LEGAL

FOSSILS

POLICY

RENEWABLE

PLUS

VERVANT

Welcome

Your subscription

Included in this subscription:

COMMUNICATE ON ENERGYNEWS