The OPEC Fund for International Development has partnered with the UN Capital Development Fund (UNCDF) and Sustainable Energy for All (SEforALL) to design and deliver a new Climate Finance and Energy Innovation Hub.
Set for launch at the COP 27 Climate Change Conference in Sharm el-Sheikh, Egypt in November 2022, the Hub will:
- Identify innovative solutions to meet the development challenges of partner countries, particularly gaps in green finance and private sector investments;
- Promote innovative business models and financing instruments to source, unlock, de-risk and scale-up private sector investments in energy access; and
- Foster new financing partnerships and mechanisms, including an Energy Access and Transition Trust Fund to accelerate deployment of solutions.
Designed as a global end-to-end policy and finance platform, the Hub will harness the power of financial innovation to ensure maximum leverage. Each US$1 of sovereign finance is envisaged to attract in the medium term US$4 of green and sustainable capital into projects.