VIENNA, (Pakistan Point News - 07th Apr, 2021) The OPEC Fund for International Development (OFID) has welcomed the Saudi Green Initiative and the middle East Green Initiative, announced by the Kingdom of Saudi Arabia recently.
"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 greenhouse gas emissions (GHG) and a renewable energy programme 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.
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 organisation works in close cooperation with the international community and developing country partners.
OFID was established in January 1976 by the then 13 member countries of OPEC; including the United Arab Emirates. It is the development finance institution established as a channel of aid to developing countries.
