Connection

popular articles

Australia bans mining of Jabiluka uranium deposit
Plug Power and Allied Green Ammonia sign green ammonia agreement
The SMR project in Yakutia is evolving towards a double unit
Redeux Energy sells its 450 MW solar portfolio
Orano ordered by ASN to restore a dam at La Hague

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

Ukraine and Slovakia consider 25% Russian gas transit
The 3-Billion-Euro France-Spain Electric Line Blocked by Activists
The United Arab Emirates invests 500 million dollars in 11 GW of American infrastructure
Eco Wave Power advances on a 20 MW hydropower project in Porto
Meta and ENGIE strengthen their partnership with a 200 MW solar energy agreement

Recently published in

France mandates 50% canopies; Carrefour and 10 federations respond

In France, Carrefour and ten federations challenge a decree mandating the coverage of 50% of outdoor parking lots with photovoltaic canopies, citing unrealistic deadlines and significant economic impacts.
The 3-Billion-Euro France-Spain Electric Line Blocked by Activists
In the Landes region, activists are trying to halt the construction of a high-voltage power line connecting France and Spain, a project valued at 3 billion euros.
en_11401241540
The 3-Billion-Euro France-Spain Electric Line Blocked by Activists
In the Landes region, activists are trying to halt the construction of a high-voltage power line connecting France and Spain, a project valued at 3 billion euros.
en_11401241540
The Netherlands plans 70 GW of offshore wind energy with the IEA
The International Energy Agency highlights the Netherlands' ambitions to increase offshore wind capacity while addressing challenges to secure their energy transition.
en_11401225540
The Netherlands plans 70 GW of offshore wind energy with the IEA
The International Energy Agency highlights the Netherlands' ambitions to increase offshore wind capacity while addressing challenges to secure their energy transition.
en_11401225540
The United States Strengthens Offshore Penalties with Fines Reaching $59,114
The Bureau of Ocean Energy Management increases environmental penalties for offshore operations, aiming to ensure compliance from industry players.
en_11401208540
The United States Strengthens Offshore Penalties with Fines Reaching $59,114
The Bureau of Ocean Energy Management increases environmental penalties for offshore operations, aiming to ensure compliance from industry players.
en_11401208540

Kazakhstan: 6.6 million USD imposed on an oil consortium for pollution

A Kazakh court has ordered NCOC, an international oil consortium, to pay 6.6 million USD for excessive gas flaring at the Kachagan oil field, highlighting regional environmental challenges.
A global warming record with 1.55°C in 2024, the UN calls for urgent measures
In 2024, the global average temperature exceeded 1.55°C above pre-industrial levels, a historical record. Natural disasters are intensifying, and the UN urges immediate action to counter their growing impacts.
en_11401215540
A global warming record with 1.55°C in 2024, the UN calls for urgent measures
In 2024, the global average temperature exceeded 1.55°C above pre-industrial levels, a historical record. Natural disasters are intensifying, and the UN urges immediate action to counter their growing impacts.
en_11401215540
Mauritania secures 27 million dollars to develop its energy sector
The Mauritanian government and the Millennium Challenge Corporation signed a 27 million USD grant agreement to modernize the country's electricity infrastructure and strengthen climate resilience.
en_11401192540
Mauritania secures 27 million dollars to develop its energy sector
The Mauritanian government and the Millennium Challenge Corporation signed a 27 million USD grant agreement to modernize the country's electricity infrastructure and strengthen climate resilience.
en_11401192540
The United States Fails to Reduce Greenhouse Gas Emissions in 2024
Despite ambitious climate commitments, the United States only reduced its greenhouse gas emissions by 0.2% in 2024. A report from the Rhodium Group highlights a concerning trajectory for achieving the targets set in the Paris Agreement.
en_11401196540
The United States Fails to Reduce Greenhouse Gas Emissions in 2024
Despite ambitious climate commitments, the United States only reduced its greenhouse gas emissions by 0.2% in 2024. A report from the Rhodium Group highlights a concerning trajectory for achieving the targets set in the Paris Agreement.
en_11401196540

France: Agnès Pannier-Runacher retains climate and decarbonization responsibilities

The French Minister of Ecological Transition, Agnès Pannier-Runacher, sees her responsibilities adjusted but remains in charge of combating climate change and leading decarbonization efforts despite losing direct control over energy.
Canada: Trudeau and the Controversial Climate Legacy
When Justin Trudeau came to power in 2015, he symbolized the hope of a Canada that would lead the world in climate action. Nearly a decade later, he is leaving the political stage, leaving behind a controversial record. Carbon taxes, energy transition, and provincial tensions marked his tenure. With conservatives leading in the polls, the country is on the brink of a potential shift in its climate policy.
en_11401185540
Canada: Trudeau and the Controversial Climate Legacy
When Justin Trudeau came to power in 2015, he symbolized the hope of a Canada that would lead the world in climate action. Nearly a decade later, he is leaving the political stage, leaving behind a controversial record. Carbon taxes, energy transition, and provincial tensions marked his tenure. With conservatives leading in the polls, the country is on the brink of a potential shift in its climate policy.
en_11401185540
Germany slows its energy transition with a limited 3% emissions reduction
Germany’s energy transition slowed in 2024, with a mere 3% reduction in greenhouse gas emissions. Political and economic uncertainty hampers investments in key sectors, particularly industry and transport.
en_11401149540
Germany slows its energy transition with a limited 3% emissions reduction
Germany’s energy transition slowed in 2024, with a mere 3% reduction in greenhouse gas emissions. Political and economic uncertainty hampers investments in key sectors, particularly industry and transport.
en_11401149540
Moldova Accuses Gazprom of Provoking an Energy Crisis in Transnistria
Moldova and Gazprom are at odds over a debt estimated between $9 million and $700 million, exacerbating Transnistria's energy crisis. The separatist region faces the risk of total power outages in the midst of winter.
en_11401157540
Moldova Accuses Gazprom of Provoking an Energy Crisis in Transnistria
Moldova and Gazprom are at odds over a debt estimated between $9 million and $700 million, exacerbating Transnistria's energy crisis. The separatist region faces the risk of total power outages in the midst of winter.
en_11401157540

France sees 200,000 late energy check requests in 48 hours

In France, the energy check program recorded more than 200,000 requests in the last two days of 2024, highlighting growing pressure to meet the needs of low-income households amid the energy crisis.
Indiа’s Electricity Market Reaches Record High in December Amid Low Prices
The electricity volume traded on the Indian Energy Exchange surged by 29% in December, reaching an all-time high, driven by a significant drop in day-ahead market prices.
en_11401140540
Indiа’s Electricity Market Reaches Record High in December Amid Low Prices
The electricity volume traded on the Indian Energy Exchange surged by 29% in December, reaching an all-time high, driven by a significant drop in day-ahead market prices.
en_11401140540
China produces 707 TWh with SPIC and strengthens its energy strategy
With 707 TWh produced in 2024, SPIC illustrates the impact of public investments on the management and expansion of energy resources in China.
en_11401132540
China produces 707 TWh with SPIC and strengthens its energy strategy
With 707 TWh produced in 2024, SPIC illustrates the impact of public investments on the management and expansion of energy resources in China.
en_11401132540
Biden blocks offshore drilling to counter Trump
Joe Biden announces a ban on offshore drilling over an immense maritime area, challenging Donald Trump's energy production ambitions days before the presidential transition.
en_11401128540
Biden blocks offshore drilling to counter Trump
Joe Biden announces a ban on offshore drilling over an immense maritime area, challenging Donald Trump's energy production ambitions days before the presidential transition.
en_11401128540

Mayotte: A Third of Households Still Without Electricity After Cyclone Chido

Three weeks after Cyclone Chido, nearly a third of Mayotte's households remain without electricity, while recovery efforts advance with increased mobilization of EDF and EDM teams.
Germany Achieves 59% Renewable Electricity in 2024: A Historic Record
In 2024, Germany set a new record with 59% of its electricity produced from renewable sources, marking a key milestone after the complete shutdown of nuclear power. A balance of ecological progress and energy challenges.
en_11401112540
Germany Achieves 59% Renewable Electricity in 2024: A Historic Record
In 2024, Germany set a new record with 59% of its electricity produced from renewable sources, marking a key milestone after the complete shutdown of nuclear power. A balance of ecological progress and energy challenges.
en_11401112540
Aluminium Dunkerque requests competitive prices from EDF for the post-Arenh era
With the end of the Arenh mechanism in 2025, Aluminium Dunkerque is calling on EDF to offer competitive prices to remain internationally competitive while meeting decarbonization requirements.
en_11401117540
Aluminium Dunkerque requests competitive prices from EDF for the post-Arenh era
With the end of the Arenh mechanism in 2025, Aluminium Dunkerque is calling on EDF to offer competitive prices to remain internationally competitive while meeting decarbonization requirements.
en_11401117540
The United Kingdom records 58% low-carbon electricity in 2024
The United Kingdom achieved a historic record of 58% low-carbon electricity in 2024, marking a key step in its energy transition and sending a strong signal to European political and economic actors.
en_11401125540
The United Kingdom records 58% low-carbon electricity in 2024
The United Kingdom achieved a historic record of 58% low-carbon electricity in 2024, marking a key step in its energy transition and sending a strong signal to European political and economic actors.
en_11401125540

Portugal achieves 71% renewable electricity in 2024 according to REN

In 2024, renewable energy in Portugal accounted for 71% of electricity consumption, a record driven by significant growth in photovoltaic and hydropower production, according to the national grid operator REN.
Iran announces 60% uranium enrichment ahead of Geneva meeting
Iran will meet European diplomats in Geneva on January 13 amidst controversy over its 60% uranium enrichment, according to the International Atomic Energy Agency (IAEA).
en_11401086540
Iran announces 60% uranium enrichment ahead of Geneva meeting
Iran will meet European diplomats in Geneva on January 13 amidst controversy over its 60% uranium enrichment, according to the International Atomic Energy Agency (IAEA).
en_11401086540
Puerto Rico under pressure as 1.25 million households impacted by power outage
A massive power outage plunged Puerto Rico into darkness on New Year's Eve, affecting more than a million households. The structural challenges of the energy grid reveal significant shortcomings.
en_11401078540
Puerto Rico under pressure as 1.25 million households impacted by power outage
A massive power outage plunged Puerto Rico into darkness on New Year's Eve, affecting more than a million households. The structural challenges of the energy grid reveal significant shortcomings.
en_11401078540
Finland accuses Eagle S of sabotage affecting 40 km of undersea cable
A suspected sabotage of the EstLink 2 cable connecting Finland to Estonia results in travel bans for seven sailors. A thorough investigation highlights significant geopolitical implications.
en_11401083540
Finland accuses Eagle S of sabotage affecting 40 km of undersea cable
A suspected sabotage of the EstLink 2 cable connecting Finland to Estonia results in travel bans for seven sailors. A thorough investigation highlights significant geopolitical implications.
en_11401083540

Advertising

LEGAL

FOSSILS

POLICY

RENEWABLE

PLUS

VERVANT

Welcome

Your subscription

Included in this subscription:

COMMUNICATE ON ENERGYNEWS