Dr. Abdulhamid Alkhalifa, Director-General of the OPEC Fund for International Development, affirmed that the announcement by the Arab Coordination Group (ACG) during COP28 to allocate US$10 billion by 2030 to support the just transition to clean energy in developing countries is in line with the objectives of COP28 hosted by the UAE.

In statements to the Emirates News Agency (WAM) on the sidelines of COP28 in Dubai, he said that the ACG has a wealth of experience in supporting development projects around the world for nearly 50 years, pointing out that the Fund has provided funding for developing countries of up to about US$25 billion, while the total support provided to developing countries through the Fund’s partners has reached more than US$200 billion.

He added that the Board of Governors of the OPEC Fund for International Development has approved a climate change support plan, under which the Fund will provide 40 percent of its funding by 2030 to projects related to addressing climate change, pointing
out that the Fund’s current funding for projects related to climate change reaches 33 percent of its funding for developing countries.

The Director-General of the OPEC Fund for International Development stressed that the successful hosting of COP28 by the UAE presented an exceptional model in organising the most important climate event in the world, which will be added to its record of leading global achievements that contribute to strengthening international partnerships and driving international climate action efforts for the future of humanity.

Source: Emirates News Agency