Climate Vulnerable Forum and Observer Research Foundation Sign Memorandum of Understanding

10 August 2024, ACCRA: The Climate Vulnerable Forum signed a memorandum of understanding today with the Observer Research Foundation of India, to conduct joint work on climate change, including driving investments into clean energy and technology in the CVF’s 68 member countries. The MoU was signed by CVF Secretary-General, former Maldives president Mohamed Nasheed, and the President of ORF, Samir Saran.

The MoU seeks to forge a partnership between the CVF and ORF that focuses on three areas:

1. Assessing the natural capital value of resources across CVF member countries, which will inform the development of CVF member countries’ Climate Prosperity Plans.
2. Operationalizing debt-for-nature swaps in order to alleviate financial burdens that prevent CVF member countries from investing in climate resilient and sustainable infrastructure
3. Establishing methodologies to measure emission reductions in line with the circular economy principles of Article 6 of the Paris Agreement

Climate Prosperity Plans are strategic development plans, drawn up by CVF member countries,  aimed at driving economic growth while simultaneously addressing climate vulnerabilities and reducing emissions.

Commenting on the MoU with ORF, one of India’s leading think tanks, CVF Secretary-General Nasheed said:

“I’m delighted to forge this agreement with the ORF. This partnership will provide us with the expertise needed to help our 68 member countries make the transition from climate vulnerability to climate prosperity with requisite speed. The partnership will help us specifically with assessing and accounting the vast natural capital our member countries possess, as well as support us in managing challenges such as creating an annual pipeline of debt-for-nature swaps for our members, to free up debt repayments towards protecting that natural capital.”

Dr Nilanjan Ghosh, Director of the Observer Research Foundation, added:

“ORF-CVF collaboration will be a significant partnership towards climate action in the vulnerable regions of the global south. By leveraging ORF’s expertise in natural capital assessment and devising innovative financial tools like debt-for-nature swaps, the climate challenges can be transformed into opportunities for building resilient, sustainable economies. This collaboration extends beyond emission reductions; it is about crafting equitable, inclusive and prosperous future societies.”

NOTES TO EDITORS: 

About CVF-V20

The Climate Vulnerable Forum and its V20 Finance Ministers (CVF-V20) is an independent intergovernmental organization, headquartered in Accra, Ghana, for countries most threatened by climate change. It is composed of 68 country members1 from Africa, Asia, the Caribbean, Latin America, Middle East and the Pacific, representing 1.74 billion people worldwide.

About ORF

The Observer Research Foundation (ORF) was set up in 1990 to lead and aid policy thinking towards building a strong and prosperous India in a fair and equitable world. It helps discover and inform India’s choices, and carries Indian voices and ideas to forums shaping global debates. ORF provides non-partisan, independent analyses and inputs on matters of security, strategy, economy, development, energy, resources and global governance to diverse decision-makers (governments, business communities, academia, civil society). ORF’s mandate is to conduct in-depth research, provide inclusive platforms and invest in tomorrow’s thought leaders today.