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Within the portfolio, there are a considerable number of programmes where we are working with partner countries to increase their resilience to climate change, to reduce emissions, and to transition to a sustainable low carbon economy.
The Fund’s energy related initiatives do not directly finance oil and gas exploration or production. They aim to help create policy and business environments that improve energy access, strengthen energy markets, encourage investment and promote energy efficiency. In turn this will improve energy security, and enable a faster transition to a cleaner, low carbon economy. This is consistent with the findings of the Intergovernmental Panel on Climate Change in their Special Report on the impacts of global warming of 1.5oC that oil and gas will continue to be an essential part of the global energy mix as we transition to a low carbon economy.