In Rio+20, the OPEC Fund for International Development (OFID) pledged to commit at least one billion USD to alleviating energy poverty. Since then OFID committed over 1.4 billion to its energy operations. Among them co-financing 35 projects, 43% of which are renewable energy, which will provide extra 7500 MW of electricity and will extend the electricity grids by 26.000 km to reach more people, in addition to reducing emissions of CO2 by 850,000 Tons. Additionally 42 grants were given in the value of over 16 million USD to pilot new business models and energy access enhancement efforts. OFID Ministerial Council responding to the increasing demand on energy access projects decided to change the commitment from a onetime pledge to a revolving one billion USD to be replenished whenever consumed.

OPEC Fund for International Development (OFID)