YEREVAN, March 20. /ARKA/. The OPEC Fund for International Development will provide Armenia with a €50mln credit for climate policy reforms, Armenia’s Public Television reported.
It said the loan will support measures to increase climate resilience and mitigation through a series of reforms related to energy efficiency, air quality standards, and to finance environmental impact assessments.
Earlier it was reported that OPEC Fund for International Development (OFID) approved more than $300 million in new funding in the first quarter of 2023, reflecting the institution’s commitment to fulfilling its Climate Action Plan. Three of the four projects approved by the OPEC Fund’s Governing Board directly support climate finance.
The OPEC Fund adopted its first dedicated climate action plan in September 2022. The plan commits the organization to increasing the share of its climate finance to 40 percent of all new finance by 2030 and to mainstreaming climate action into the project cycle by making more investments in climate change adaptation, mitigation and resilience in energy, transport, agriculture, food, water and smart cities.-0–
