The OPEC Fund has had a longstanding involvement in energy- related projects. The Fund has so far committed some US$3.3 billion to projects that enhance access to energy services.
identify, finance, implement, and share solutions on their path toward net-zero. The North Macedonian capital, Skopje – which earned the unfortunate moniker of Europe’s most polluted capital – has announced plans to completely overhaul its public transport system, following an EBRD Green Cities action plan. Nuclear energy will also have a role
to play. “As a proven, scalable, and low-carbon energy source, and reliable partner of intermittent renewable sources, nuclear power is part of the solution to climate change,” says Mikhail
Chudakov, Deputy Director General and Head of the Department of Nuclear Energy, International Atomic Energy Agency (IAEA) (see pages 14-15). According to IAEA estimates, nuclear has already avoided 78 gigatonnes of CO2 emissions over the past 50 years. Now the industry is continuing to modernize, both in terms of safety and to fit differing energy requirements around the world: small modular reactors (SMRs) are one in-development solution for countries with lower electricity demands. Committed since 1976 to promoting
sustainable development in more than 125 countries, the OPEC Fund has had a longstanding involvement in energy- related projects; these form the second- biggest sector of our investments in terms of government-led initiatives. In 2020, the Fund pledged US$153 million
to both sovereign and non-sovereign energy projects. At the heart of our work in the sector is a mission to improve access to energy, especially for the 790 million people worldwide still without electricity; in 2008, we launched our Energy for the Poor initiative to alleviate energy poverty, and have been an integral part of UN efforts in the field since then, including the SEforAll coalition. Simultaneously, the OPEC Fund is deepening its involvement in the renewable energy sector – which now represents one-quarter of total energy projects approved, worth a total of US$1.2 billion. In April, it co-signed a US$114 million agreement, with EBRD and others, to finance Egypt’s 200MW Kom Ombo facility, the country’s largest private solar plant.
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PHOTO: iStock
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