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SPECIAL FEATURE


OPEC Fund Director-General Dr Abdulhamid Alkhalifa during his 2019 mission to Rwanda and January 2020 mission to the Maldives (top right).


PHOTO: OPEC Fund/Robert Mugabe


An idea of what we try to achieve via our holistic investment approach is best conveyed by way of an example. The OPEC Fund co-financed the Neelum Jhelum Hydropower Plant Project in Pakistan – a country highly vulnerable to climate-change and its catastrophes, such as the 2010 floods that affected over 20 million people. This power plant will generate 969 MW of renewable energy, meaning that education, health and water and sanitation facilities can be improved beyond recognition in a district populated by around 1.5 million people. This is development in support of essential human needs, which not only delivers a financial return, but a clear set


of ESG returns, too. The OPEC Fund celebrates its 45th


anniversary next year and has been investing in developing countries since our inception in 1976. To date, we have approved more than US$25 billion across many countries and sectors. In the early years, ESG progress was a result of lessons learned from project follow-ups and reviews. Today, the OPEC Fund continues to strengthen its ESG framework and incorporates ESG considerations into its project pipelines. Furthermore, it hopes to contribute to the understanding and promotion of ESG industry-wide through providing different platforms for debate. This issue of the OPEC Fund Quarterly magazine is a part of this initiative. Our strategic framework helps benchmark our progress on risk management, internal governance and human resources against industry best practice and our organizational culture demands that we continually improve. We have now reached a point where our focus on development impact marries with continued growth, and where our work on ESG sustainability and impact investing complement our financial sustainability.


PHOTO: Asadwarraich_Attribution~_ShareAlike_4_0International 17


The OPEC Fund has approved more than


US$25bn


across many countries and sectors


PHOTO: Mohammed Shanoon


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