Eyeing alternative energy, Iran urges greater productivity from OPEC Fund
Tehran, Iran, June 4
By Mehdi Sepahvand -- Trend:
It is necessary to reach a greater productivity from loans given to underdeveloped countries by the OPEC Fund for International Development (OFID), Iranian Economy Minister Ali Tayebnia told the 37th OFID ministers meeting in Vienna.
In particular, he pointed to the developmental goals in the alternative energy sector that are defined in the fund's charter, Shana news agency reported June 4.
"It is needed that various options for investment in capital markets be considered in order to increase the Fund's resources for giving facilities to countries in need," the Iranian minister stated.
Iran's population is growing fast, and is in need of a quickly developing energy sector. However, the country is mainly consuming conventional fuels, with alternative energy comprising less than 1 percent of its energy output.
The country's Minister of Energy Hamid Chitchian recently said Iran aims to increase its power output from 74,000 megawatts to 120,000 in 10 years.
"By 2020," he added, "we will reduce greenhouse gases by 4 percent using domestic fund and by another 8 percent using foreign fund."
He had earlier revealed that Iran is looking to develop 5 GW of solar and wind energy capacity by 2018.
OFID is the intergovernmental development finance institution established in 1976 by the Member States of the Organization of the Petroleum Exporting Countries (OPEC). OFID was conceived at the Conference of the Sovereigns and Heads of State of OPEC Member Countries, which was held in Algiers, Algeria, in March 1975.
A Solemn Declaration of the Conference "reaffirmed the natural solidarity which unites OPEC countries with other developing countries in their struggle to overcome underdevelopment", and called for measures to strengthen cooperation between these countries.