An international charity funded by some of the world’s top oil producers is increasingly helping developing countries prepare for the impacts of climate change in a new strategy that experts say could keep the world hooked on fossil fuels.
The multibillion-dollar OPEC Fund for International Development is shifting away from its historical support for projects that increased demand for oil and gas, such as building new power plants or roads in low- and middle-income countries.
In 2024, more than a third of the charity’s financial support — a total of $217 million, mainly in loans — has gone to projects that help developing countries adapt to droughts, wildfires, floods, rising seas and other impacts of climate change, according to an analysis by POLITICO’s E&E News.
Between 2018 and 2021, the OPEC Fund reported directing less than 6 percent of its loans and grants toward such climate resilience efforts.
