The OPEC Fund for International Development - OFID (2nd SE4All Forum Commitments)

#SDGAction40269

Description

In Rio+20, the OPEC Fund for International Development (OFID) pledged to commit at least one billion USD to alleviating energy poverty. Since then OFID committed over 1.4 billion to its energy operations. Among them co-financing 35 projects, 43% of which are renewable energy, which will provide extra 7500 MW of electricity and will extend the electricity grids by 26.000 km to reach more people, in addition to reducing emissions of CO2 by 850,000 Tons. Additionally 42 grants were given in the value of over 16 million USD to pilot new business models and energy access enhancement efforts. OFID Ministerial Council responding to the increasing demand on energy access projects decided to change the commitment from a onetime pledge to a revolving one billion USD to be replenished whenever consumed.

Partners

OPEC Fund for International Development (OFID)

SDGS & Targets

Goal 7

Ensure access to affordable, reliable, sustainable and modern energy for all

7.1

By 2030, ensure universal access to affordable, reliable and modern energy services

7.1.1

Proportion of population with access to electricity

7.1.2

Proportion of population with primary reliance on clean fuels and technology

7.2

By 2030, increase substantially the share of renewable energy in the global energy mix

7.2.1

Renewable energy share in the total final energy consumption

7.3

By 2030, double the global rate of improvement in energy efficiency

7.3.1

Energy intensity measured in terms of primary energy and GDP

7.a

By 2030, enhance international cooperation to facilitate access to clean energy research and technology, including renewable energy, energy efficiency and advanced and cleaner fossil-fuel technology, and promote investment in energy infrastructure and clean energy technology

7.a.1

International financial flows to developing countries in support of clean energy research and development and renewable energy production, including in hybrid systems

7.b

By 2030, expand infrastructure and upgrade technology for supplying modern and sustainable energy services for all in developing countries, in particular least developed countries, small island developing States, and land-locked developing countries, in accordance with their respective programmes of support

7.b.1

Installed renewable energy-generating capacity in developing and developed countries (in watts per capita)

SDG 14 targets covered

Deliverables & Timeline

17 December, 2021

Access to Renewable Energy

Resources mobilized

N/A

Partnership Progress

No progress reports have been submitted. Please sign in and click here to submit one.

False

Feedback

Action Network

This initiative does not yet fulfil the SMART criteria.

Timeline

01 January 1970 (start date)

17 December 2021 (date of completion)

Entity

N/A

SDGs

Geographical coverage

Global

More information

http://www.ofid.org/

Countries

N/A