Saudi Arabia and other oil-exporting countries are trying to play a bigger role in the fight against climate change, especially in the developing world. 

New agreements on renewables and food security are the first results of this year's Organization of Petroleum Exporting Countries (OPEC) Fund forum in Vienna, raising hopes of progress among partner institutions such as the United Nations Office for South-South Cooperation (UNOSSC).

"Leading up to the COP28 there is a lot of expectation from all sectors including the oil sector," UNOSSC Director Dima Al-Kathib told CGTN. "So having them engage and leading on those fora and those discussions is extremely promising."

Prior to the event, the OPEC Fund pledged to finance renewable energy solutions in Energy Transition Accelerating Financing  partner countries with $250 million.

In February, OPEC urged countries to invest more in oil to meet the world's future energy needs and ensure energy security for all. But at the same time, OPEC members say they want to be part of the green transition. This is where its separate international development organisation OPEC Fund comes into play.

One of the fund's top priorities is helping countries with limited resources to transition to greener sources of energy. Since 1976, the OPEC Fund has committed more than $22 billion of its resources in over 125 countries worldwide. Saudi Arabia has financed around a third of the fund's projects.

"Hopefully this forum will bring about more multilateralism and cooperation between multilateral development banks," Saudi Finance Minister Mohammed Al-Jadaan said at the start of the Vienna forum. "And you can see that here when you look around."

Special guest speaker at the event was Bhutan's Prime Minister Lotay Thsering, who called on OPEC members to help his country transition to renewables. 

"This is the first time that Bhutan is participating in a big fund organized event," Thsering told CGTN. "My expectation is to start on a very good understanding of our needs and priorities. For us, as of today, that would be investment in energy sector, renewable energy sector."

On Monday, the OPEC Fund signed an agreement with the World Food Program (WFP) to enhance global food security and build climate resilient food systems.

"We signed yesterday a Mutual Agreement of Understanding with the OPEC fund to strengthen collaboration especially on issues related on food systems," WFP's Stanlake Samkange said at the event. "That's where we hope to be working together with OPEC fund and its partners to help countries strengthen their national food systems and also strengthen global food systems."

The OPEC Fund's climate projects are an important step towards green energy which is gaining international acknowledgment. But the fact remains that its member countries are some of the world's biggest oil exporters – making them big contributors to greenhouse gases.

Subscribe to Storyboard: A weekly newsletter bringing you the best of CGTN every Friday