13th November, 2024, Baku – The Climate Vulnerable Forum partnered with Pakistan at COP29 to host a session geared towards driving investments into member countries for clean energy and innovative climate action projects.
Representatives from CVF-V20 member nations, private investors, philanthropies, and development banks gathered to discuss the potential of these projects to drive transformative change across key sectors while addressing the pressing needs of climate-vulnerable populations.
Sri Lanka, Ghana presented an overview of their Climate Prosperity Plans (CPP), including investment-ready projects:
- Sri Lanka’s Dilmah Tea is moving towards carbon neutrality through renewable energy and sustainable farming, using carbon credits to support forest conservation.
- The Aquaculture in Trincomalee, Sri Lanka, is a $61 million initiative focused on sustainable shrimp and fish farming for export.
- In an effort to reach their energy security goals, Sri Lanka is also looking to produce 5 gigawatts of offshore wind
- Akosombo Net-Zero Industrial Park in Ghana is the first net-zero industrial park, seeking to attract industries committed to sustainable manufacturing and circular economy practices
- The Wahu Mobility and Green Manufacturing Hub in Ghana is a $100 million project that will include electric vehicle production and charging infrastructure
- Seeking to tackle one of Ghana’s greatest environmental challenges, iTrash Waste Management System project seeks to address waste management through a decentralized, technology-driven approach to recycling and biogas production
- Ghana’s Forest Prosperity Program is an initiative with the goals of reforestation and sustainable agriculture by planting millions of trees and promoting carbon sequestration
As work on their CPPs progress, Bhutan and Pakistan presented priority areas and potential projects we can expect to see in their plans:
- Pakistan is focused on building resilience in agriculture, renewable energy expansion, and leveraging natural resources as part of its climate adaptation strategy. The nation also seeks innovative financing solutions, such as green bonds, to address funding gaps
- Bhutan aims to utilize its vast hydropower potential to drive regional clean energy growth while exploring climate financing mechanisms to mitigate wildfire risks in its forests, which serve as vital carbon sinks.
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
ENDS
About CVF-V20:
The CVF-V20 represents 70 member-countries from small island developing states (SIDS), least developed countries (LDCs), low-to-middle income countries (LMICs), landlocked developing countries (LLDCs), 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 (SDGs), 30×30 Global Biodiversity, and help keep the average global temperatures to the Paris Agreement’s 1.5°C safety threshold.
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CVF/V20 Membership
Africa: Benin, Burkina Faso, Chad, Comoros, Côte d’Ivoire, Democratic Republic of the Congo, Eswatini, Ethiopia, The Gambia, Ghana (Chair), Guinea, Kenya, Liberia, Madagascar, Malawi, Morocco, Mozambique, Namibia, Niger, Rwanda, Senegal, Sierra Leone, South Sudan, Sudan, Tanzania, Togo, Tunisia, Uganda
Asia: Afghanistan, Bangladesh, Bhutan, Cambodia, Kyrgyzstan, Maldives, Mongolia, Nepal, Pakistan, Philippines, Sri Lanka, Timor-Leste, Vietnam
Caribbean: Barbados, Dominica, Dominican Republic, Grenada, Guyana, Haiti, Saint Lucia, Trinidad and Tobago
Latin America: Colombia, Costa Rica, Guatemala, Honduras, Nicaragua, Paraguay
Middle East: Jordan*, Lebanon, Palestine**, Yemen
Pacific: Fiji, Kiribati, Marshall Islands, Palau, Papua New Guinea, Samoa, Tonga, Tuvalu, Vanuatu
Incoming Members: Cabo Verde and Somalia
*Formalization pending further discussions
**As a UN non-member observer state
