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

21 06 2022 | 19:51

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.