DELIVERY OF THE SUSTAINABLE DEVELOPMENT GOALS
When the United Nations announced the 17 SDGs in 2015, it provided a clear roadmap for the enhanced poverty alleviation effort the OPEC Fund has been spearheading for almost five decades and is preparing to progress further in the coming years.
Through its Strategic Framework 2030, the OPEC Fund is positioning itself to contribute more effectively towards the delivery of the global development targets in order to re- spond to partner countries’ and clients’ development needs. The Fund’s new ESG policy framework further ensures that the institution’s operations have a positive and effective impact.
The OPEC Fund’s work interacts with each of the 17 SDGs. In 2021, the Fund directly contributed to more than half the goals, while indirectly benefitting many more. Some of the biggest gains were realized in projects that either contrib- uted to several SDGs or enabled smoother progress on related goals by creating a multiplier effect.
Energy poverty alleviation holds a special importance to the OPEC Fund through its many years of funding energy projects that deliver access to millions - whether they are large-scale solar plants or more locally focused clean cooking initiatives across the Global South, the group of socio-economically similar developing countries. Energy, after all, provides the tools to lift a large number of people out of extreme poverty and this is one of the reasons why the OPEC Fund has been focusing on SDG 7.
At the same time, our approach has always been wider and we retained the ability to respond to emergencies swiftly. This was demonstrated again last year with the funding the OPEC Fund extended to many partner countries in support of COVID-19 relief efforts. These operations helped support the achievement of SDG 3 (Good Health and Wellbeing), but perhaps just as critically they minimized economic dis- ruption caused by the pandemic by supporting long-term resiliency programs, which in turn support the focus of SDG 9 on industry, innovation, and infrastructure.
Through its efforts to alleviate global poverty, the OPEC Fund has greatly enhanced this work by leveraging its network of partners and collaborators, while increasing the scope of individual projects and the depth of their impact. Partnering with other development finance institutions also fulfills many of the key targets of SDG 17, which specifically highlights the need for South-South cooperation, demon- strating that in the struggle to complete these global goals, we can go further when we go together.
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The OPEC Fund has been spearheading poverty alleviation for almost five decades.
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