CVF

CLIMATE PROSPERITY FELLOWSHIP PROGRAMME

The Climate Prosperity Fellowship Programme was launched by the V20 Finance Ministers on 13 October 2023, at the sidelines of the 2023 Annual Meetings of the World Bank Group and International Monetary Fund in Marrakech, Morocco. The Fellowship Programme is in partnership with Boston University Global Development Policy Center and the Centre for Sustainable Finance at SOAS University of London.

This initiative aims to advance cooperation and engagement of officials from V20 Member Countries towards supporting development-positive climate action through Climate Prosperity Plans (CPPs) and addressing the challenges posed by out-of-date global financial architecture.

It will equip fellows with the latest research and analytics needed to accelerate the development, implementation, and financing of CPPs in their respective countries; while fostering collaboration on vital climate finance and sustainable development solutions.

There are 15 pioneering fellows who are mid- to senior-level finance officials from 13 V20 Member Countries: Bangladesh, Bhutan, Eswatini, Fiji, The Gambia, Ghana, Haiti, Honduras, Kenya, Maldives, Philippines, Rwanda, and Tonga.

FELLOWS

Carbon Financing

The CVF-V20 has a partnership agreement with the Voluntary Carbon Markets Initiative (VCMI) to access opportunities relating to Article 6 of the Paris Agreement including internationally traded mitigation outcomes (ITMOs) and other voluntary carbon market opportunities through framework creation and project preparation.

Debt Solutions Advisory

Support for debt restructuring deals using the climate lens to create fiscal space for climate investments and support with regulatory changes that prioritize climate-related funding. Additionally, this includes an advisory group to assist member countries in negotiating debt restructuring, debt-for-climate swaps, attracting concessional options, and private investments.

Financial Protection and Vertical Funds Advisory

A nimble program to implement loss and damage projects at the community-level in CVF-V20 member states. Phase 1 included implementation of loss and damage projects in Kenya, Malawi and Bangladesh. The implementation is nearing completion around mid-year. Phase 2 that includes implementation of loss and damage projects in the Pacific region and Ghana has been approved by the Board of the CVF-V20 Joint Multi-Donor Fund. Phase 2 implementation will commence once financing agreements are concluded. Phase 3 is a GEF-funded adaptation program for CVF-V20 member states. Final GEF approval in 2024 will kickstart the implementation of at least 50 adaptation projects.

CVF-V20 Joint 100RE Resilient Futures Program

Just energy transition program with International Renewable Energy Agency (IRENA) includes: (a) social protection and livelihood/reskilling opportunities; (b) phase down and phase out fossil fuels with low cost and long-term financing for domestic and regional renewable energy wealth, and storage optimization; (c) legacy liabilities strategies to position countries’ energy security with technologies of the future; (d) rapid grid modernization to give assurance to renewable energy investors and operators; and (e) participation and investment in transition/critical minerals and emerging technologies including processing, recycling and green hydrogen industries, among others.

Global Parliamentary Group

Founded in 2022, the GPG generates further impetus to climate action by accelerating green industrial policy, establishing durable long-term reform by driving investment opportunities in Climate Prosperity Plans through the leadership of the legislature. The GPG complements and expands on over one decade of work led by the executive arm of the governments of the world’s most vulnerable countries to advance climate action globally through the CVF and the V20 Ministers of Finance Group. The GPG also builds on longstanding and extensive work that has already been undertaken to mandate and finance climate action to the local level by CVF Parliaments.

CVF

CLIMATE PROSPERITY FELLOWSHIP PROGRAMME

FELLOWS

Bangladesh

Bhutan

Eswatini

Fiji

Ghana

Ghana

Haiti

Honduras

Kenya

Maldives

Philippines

Philippines

Rwanda

The Gambia

Tonga

Table of Contents

Carbon Financing

Debt Solutions Advisory

Financial Protection and Vertical Funds Advisory

CVF-V20 Joint 100RE Resilient Futures Program

Global Parliamentary Group

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