Bangladesh, Sri Lanka, Ghana share climate prosperity plans

Business and philanthropy welcomed the invitation of the Vulnerable Twenty (V20) Group of Finance Ministers of the Climate Vulnerable Forum (CVF) to invest in economy-wide strategies focused on delivering resources in the remaining years of this decade.

The V20, representing some 1.5 billion people across 58 countries, hosted an online forum 29 March last year to present the Climate Prosperity Plans (CPPs) of the current CVF and V20 chair Ghana, former chair Bangladesh, and Sri Lanka to philanthropic foundations, investors, and other private sector representatives.

"Economic cooperation is a powerful and dynamic tool for promoting debt sustainability in climate resilient growth. By working together, the private sector and V20 countries can create win-win situations that promote sustainable economic growth, while also addressing the urgent challenges posed by climate change without compromising financial returns," said Ghana president and CVF chair Nana Akufo-Addo on Monday (3 April).

"Achieving net zero requires the transition to be a just, global, and inclusive effort – and it requires a new approach to mobilise private capital and investment in emerging markets and developing economies. GFANZ is committed to translating the concept of country platforms into viable financing programmes, and we know private and public sector collaboration is essential to remove the barriers to investment, and create the enabling investment environment and projects that crowds in private finance. The leadership from the Vulnerable 20 in developing Climate Prosperity Plans and exploring innovative financing options to counteract climate risks and leverage transition opportunities is critical for the net-zero transition," said Mark Carney, UN special envoy for climate action and finance and co-chair of the Glasgow Financial Alliance for Net Zero.

The event aimed to provide a platform for mutually beneficial engagements that would enable private sector corporations to realise their Net Zero and other sustainability objectives through business collaborations around the CVF/V20 CPPs, including carbon reduction projects/carbon offsetting opportunities in energy, agriculture, forestry and other land use (AFOLU) activities.

Ghana Minister for Finance Ken Ofori-Atta, "Unfortunately, the main hurdle that vulnerable countries face is access to timely and concessional financing to realise our ambitions. We lack the resources of our wealthy and major economy counterparts. Our fiscal space is under constant pressure from the impacts of climate change. The negative effects of climate change are worsening the already high cost of capital for developing countries. Securing climate financing and investment for the CPPs is a clear priority of the V20."

Global Centre for Adaptation (GCA) CEO Patrick Verkooijen said, "We all know that access to finance is a critical challenge for climate vulnerable countries. At GCA, we push relentlessly to ensure that the doubling of adaptation finance that was promised in Glasgow will be realised. To our colleagues in the private sector, my message is this: The investments put forward under the CPPs are more future-oriented than any other current pipeline. GCA is behind them, the African Development bank is behind them. This engagement should serve to open up huge opportunities for business, in terms of new investment options, supply chain opportunities, and much more. Under Ghana's leadership, and Bangladesh's before that, the V20 economies are seizing the future through CPPs."

"We are delighted to see these investment platforms move ahead, and we would be pleased to support the harmonisation of approaches, accelerated project preparation and efficient implementation to ensure that finances and results flow more quickly to countries and communities that need them the most," said World Bank climate change director Jennifer Sara.

The Climate Prosperity Plan private sector focused session was hosted by Ghana's Ministry of Finance.

Ghana is the current Chair of the Climate Vulnerable Forum (CVF) and the V20 Group of Finance Ministers.

The V20 Group of Finance Ministers is a dedicated cooperation initiative of economies systematically vulnerable to climate change. The V20 membership stands at 58 countries representing some 1.5 billion people from Afghanistan, Bangladesh, Barbados, Benin, Bhutan, Burkina Faso, Cambodia, Chad, Colombia, Comoros, Costa Rica, Côte d'Ivoire, Democratic Republic of the Congo, Dominican Republic, Eswatini, Ethiopia, Fiji, The Gambia, Ghana, Grenada, Guatemala, Guinea, Guyana, Haiti, Honduras, Kenya, Kiribati, Kyrgyzstan, Lebanon, Liberia, Madagascar, Malawi, Maldives, Marshall Islands, Mongolia, Morocco, Nepal, Nicaragua, Niger, Palau, Palestine, Papua New Guinea, Philippines, Rwanda, Saint Lucia, Samoa, Senegal, South Sudan, Sri Lanka, Sudan, Tanzania, Timor-Leste, Tunisia, Tuvalu, Uganda, Vanuatu, Viet Nam, and Yemen.