The OPEC Fund Welcomes Saudi Green Initiative

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OPEC Fund welcomes Saudi Arabia‘s newly announced environmental initiatives, the Saudi Green Initiative and the Middle East Green Initiative

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The OPEC Fund Welcomes Saudi Green Initiative

April 2, 2021: The OPEC Fund for International Development (the OPEC Fund) welcomes the Saudi Green Initiative and the Middle East Green Initiative, announced by the Kingdom of Saudi Arabia on March 27.

“I applaud both initiatives, which represent ambitious yet achievable roadmaps to help meet global targets in confronting climate change,” said OPEC Fund Director-General Dr. Abdulhamid Alkhalifa. “Plans for reducing GHG emissions and a renewable energy program align closely with the OPEC Fund’s support of the 2030 Agenda and Sustainable Development Goals (SDGs). We look forward to learning more about the plans’ details and welcome the opportunity to support regional collaboration and knowledge-transfers in this sector.

“Our work to help developing countries meet essential needs – such as food, energy, infrastructure, employment, clean water and sanitation, healthcare and education – contributes directly to achieving the SDGs,” Dr. Alkhalifa continued. “We look forward to helping to drive socio-economic progress in the region, in line with our development mandate.” To date, the OPEC Fund has approved more than US$1 billion in finance for renewable energy projects in 68 countries.

Tackling The Environmental Challenges

Both initiatives call for regional cooperation to tackle the environmental challenges facing the Middle East. Plans include planting billions of trees, reducing GHG emissions by more than 4 percent of global contributions, and increasing the share of energy provided by renewables to 50 percent by 2030, among others.

“The OPEC Fund is a firm believer in the power of partnerships,” added Dr. Alkhalifa, explaining that the organization works in close cooperation with the international community and developing country partners. “Today’s challenges transcend boundaries. By working together, each partner is able to contribute unique strengths to innovate and amplify development impact. This is the only way to overcome the many complex development issues we face.”

About the OPEC Fund

The OPEC Fund for International Development (the OPEC Fund) is the only globally mandated development institution that provides financing from member countries to non-member countries. The organization works in cooperation with developing country partners and the international development community to stimulate economic growth and social progress in low- and middle-income countries around the world. The OPEC Fund was established by the member countries of OPEC in 1976 with a distinct mandate: to drive development, strengthen communities and empower people. Our work is people-centered, focusing on financing projects that meet essential needs, such as food, energy, infrastructure, employment (particularly relating to MSMEs), clean water and sanitation, healthcare and education. To date, we have approved more than US$25 billion for operations in more than 125 partner countries. Our vision is a world where sustainable development is a reality for all.