20th September, 2024, NEW YORK – The Climate Vulnerable Forum (CVF) and the V20 Finance Ministers (V20) today hosted an event on the sidelines of the UN General Assembly in New York aimed at driving finance towards climate action projects in the Forum’s 68-country membership. CVF also unveiled efforts to advance green industrial policy meant to establish durable business climates conducive to longer term investments.
CVF Climate Prosperity Plans are pioneering national, medium to long term plans that translate climate ambition into domestic outcomes focused on economic resilience and modernization, growth, and development while drastically reducing emissions as a co-benefit.
In his opening remarks, Prof Gyan Baffour, Senior Policy Advisor to the Ghana Finance Minister, who is the V20 Chair, stated:
“The [CVF] anticipates a significant expansion of investments across renewable energy, agriculture, sustainable transport, and industrial sectors in our member countries. We are witnessing a revolution in the making, with the CVF having an opportunity to help drive global green industrial transformation.”
Bangladesh, Sri Lanka, Lebanon, Ghana and Barbados have recently completed their Climate Prosperity Plans, with six other CVF member countries at various stages of developing theirs. Prof Gyan Baffor noted that CPP projects have already attracted at least $2 billion in investments, with additional projects advancing with the support of CVF/V20 deal teams.
The session highlighted some of the groundbreaking projects, in Sri Lanka and Ghana, that are seeking more investments:
- Sri Lanka’s Climate Prosperity Plan includes the Trincomalee Aquaculture Project, which integrates sustainable shrimp farming with renewable energy to boost exports and reduce environmental impact, and the Eastern Province Solar Project, aimed at installing 50 MW of rooftop solar power across schools and government buildings.
- In Ghana, the Akosombo Sustainable Textile Park focuses on creating a net-zero textile manufacturing hub powered by renewable energy, while the Wahu Green Mobility Initiative aims to scale the production of electric vehicles and develop a national network of charging stations. The Forest Prosperity Programme is a large-scale reforestation and agroforestry initiative aimed at restoring 10,000 hectares of degraded land, and the Climate Resilient Koforidua Project seeks to transform Koforidua into a climate-resilient city through renewable energy, sustainable transportation, and waste management systems.
CVF Secretary-General Mohamed Nasheed remarked that the projects “represent the incredible potential for growth, job creation, and environmental sustainability. Importantly, they showcase why the CPPs can attract international investments while building resilience in the face of climate change.”
During the session, a roundtable discussion was held on renewable energy and green industrial policy. Key partners including Open Society Foundations, Global Renewable Congress, South African Development Community Parliamentary Forum, International Renewable Energy Agency, Institute for Energy Economics and Financial Analysis as well as the Net Zero Industrial Policy Lab also shared their insights.
In her presentation during the roundtable discussion, Managing Director and V20 Financial Advisor, Sara Jane Ahmed stated that:
“As we navigate the global energy transition, the evidence is clear: renewable energy, supported by storage and grid modernization, presents a far more cost-effective, more easily deployed , and scalable solution compared to technologies like Small Modular Reactors (SMRs), Carbon Capture and Storage (CCS), and volatile liquified natural gas (LNG). With opportunities in shoring up renewable wealth growing and fossil fuel subsidies nearing $7 trillion annually, it’s time to redirect resources toward securing affordable, reliable, and sustainable energy for the future.”
About CVF-V20
The CVF-V20 represents 68 members from small island developing states (SIDS), least developed countries (LDCs), low-to-middle income countries (LMICs) and fragile and conflict-affected states (FCS). Working together, the CVF-V20 aims to achieve climate justice through the realization of Climate Prosperity Plans, which contain ambitious economic and financial resilience strategies designed to attract investment and resources that advance the attainment of the Sustainable Development Goals, 30×30 Global Biodiversity, and help keep the average global temperatures to the Paris Agreement’s 1.5°C safety threshold.
About Partners
Open Society Foundations
The Open Society Foundations, founded by George Soros, are the world’s largest private funder of independent groups working for justice, democratic governance, and human rights. The Open Society Foundations give grants to a diverse array of groups and individuals in more than 100 countries who work in different ways to promote democratic principles, human rights, and justice.
Global Renewable Congress
The Global Renewable Congress (GRC) is chaired by Ms. Bärbel Höhn, former MP of the German Bundestag and acting Commissioner for Energy Reform in Africa for the Federal Ministry of Economic Cooperation and Development. The Chair has a representative role and provides contacts to networks, legislators, and experts around the globe. The Advisory Board of the GRC, consisting of key stakeholders in the field of renewables, from science/research, business, civil society, ministers, and former legislators and Members of Parliament, promotes the vast opportunities and benefits of renewable energies. As an independent body of the GRC, the Board embraces its goals and functions as a sounding board for legislators and MPs. The GRC is a project of the World Future Council.
Southern African Development Community Parliamentary Forum
The SADC Parliamentary Forum (SADC PF) was established as an institution of the Southern African Development Community, in accordance with Article 9(2) of the SADC Treaty on 8th September 1997, by the SADC Summit of Heads of State and Government held in Blantyre, Malawi. The Summit’s main objective for establishing the Forum was to “constitute a Regional Parliamentary Framework for dialogue on issues of regional interest and concern”. Currently, the SADC Parliamentary Forum has a membership of Fifteen (15) parliaments representing over 3500 parliamentarians in the SADC region. These member parliaments are Angola, Botswana, Democratic Republic of Congo (DRC), Eswatini, Lesotho, Madagascar, Malawi, Mauritius, Mozambique, Namibia, South Africa, Seychelles, Tanzania, Zambia, and Zimbabwe. The Forum seeks to bring regional experiences to bear at the national level, to promote best practices in the role of parliaments in regional cooperation and integration as outlined in the SADC Treaty and the Forum Constitution. Its main aim is to provide a platform for parliaments and parliamentarians to promote and improve regional integration in the SADC region, through parliamentary involvement.
International Renewable Energy Agency
The International Renewable Energy Agency (IRENA) is a leading global intergovernmental agency for energy transformation that serves as the principal platform for international cooperation, supports countries in their energy transitions, and provides state of the art data and analyses on technology, innovation, policy, finance and investment. IRENA drives the widespread adoption and sustainable use of all forms of renewable energy, including bioenergy, geothermal, hydropower, ocean, solar and wind energy in the pursuit of sustainable development, energy access, and energy security, for economic and social resilience and prosperity and a climate-proof future. IRENA’s membership comprises 168 countries and the EU. Together, they decide on the Agency’s strategic direction and programmatic activities, in line with the global energy discourse and priorities to accelerate the deployment of renewables-based energy transitions worldwide.
Institute for Energy Economics and Financial Analysis
The Institute for Energy Economics and Financial Analysis (IEEFA) examines issues related to energy markets, trends, and policies. The Institute’s mission is to accelerate the transition to a diverse, sustainable and profitable energy economy.
Net Zero Industrial Policy Lab
The Net Zero Industrial Policy Lab at Johns Hopkins University combines the technical analysis of clean energy supply chains with the study of net-zero industrial policies to catalyze strategic collaborations between government and industry.
About Climate Prosperity Plans:
The Climate Prosperity Plans (CPPs) are strategic investment plans aimed at achieving Sustainable Development Goals (SDGs) and attracting investments in resilient, low-carbon projects. These plans mobilize resources and support sustainable development through macroeconomic modeling, project pipelines, and green industrial policies. This includes mobilizing deal teams to work with key corporate players and aggregators of micro, small and medium-sized enterprises to mobilize private investment in adaptation, carbon sinking and biodiversity protection. https://cvfv20.org/climate-prosperity-plans
