New Climate Finance and Energy Innovation Hub to Accelerate Access to Clean and Affordable Energy throughout the Global South
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.