THE OPEC FUND: COMMITTED TO
ENERGY FOR LIFE
Energy, the life force for social and economic development, has always been at the heart of our work. From investing in renewable energy projects to supporting transmission infrastructure or trade of strategic commodities for increased energy access, the OPEC Fund has focused on energy since its foundation in 1976, long before SDG 7 was adopted as part of the 2030 Agenda. We launched our Energy for the Poor initiative in 2008, and have since been an integral part of UN efforts in the field, including the Sustainable Energy for All (SEforAll) coalition.
Despite accelerated progress in some aspects of SDG 7, 790 million people around the world still lack access to electricity. To continue the progress, greater efforts are essential to scale- up energy-related investments in developing economies. Since our inception, we have committed some US$3.3 billion to projects that enhance access to energy services. Our projects have generated 1.3 GW of electricity capacity and supported 18.8 GW of total generation capacity. Currently, energy is our second-largest sector of investment in terms of government-led initiatives. We are also supporting projects led by the private sector, which has a vital role to play in achieving a clean and inclusive energy transition. SDG 7 promises “access to affordable,
reliable, sustainable and modern energy for all.” The challenge today is to find the right balance: How can we meet people’s basic needs and improve access to energy and how can we do this sustainably? While some countries
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and economies that are lagging behind in energy access are working to find the right energy mix for themselves, others are boosting their efforts for an ambitious transition to renewable and clean energy. The five targets linked to SDG 7 (
https://bit.ly/3hNoWtp) provide a clear roadmap on how to find that balance.
The OPEC Fund continues to work with governments, partners, the international development finance community and the private sector in all five of the defined targets. We are also deepening our involvement in the renewable energy sector – which already represents one-quarter of total energy projects approved.
INCREASING ELECTRICITY TRANSMISSION AND GENERATION IN MOZAMBIQUE
Public-Private-Partnership: The OPEC Fund’s public and private sector teams are working together to help boost global access to electricity
• In cooperation with major multilateral development partners, the OPEC Fund extended a US$36 million public sector term loan to the government of Mozambique to finance the development of 563 km of transmission infrastructure.
• The OPEC Fund separately approved a US$50 million private sector loan facility to finance construction of a 420 MW thermal power plant in Temane.
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