Business News of Tuesday, 2 April 2024

Source: www.ghanaweb.com

Climate Vulnerable Forum establishes its permanent headquarters in Ghana

President Akufo-Addo and current CVF Secretary-General, HE Mohamed Nasheed President Akufo-Addo and current CVF Secretary-General, HE Mohamed Nasheed

The Climate Vulnerable Forum (CVF), an alliance of 68 countries vulnerable to climate change, has established its permanent headquarters in Accra, Ghana. This move aims to streamline daily operations and enhance collaboration among members.

The secretariat is located in Accra and housed in the Africa Trade House.

Ghana currently holds the leadership position (presidency or chair) which rotates every two and a half years. Barbados will take over in June 2024.

The CVF secretariat will also house the Vulnerable 20 (V20) Group, a subgroup comprising Finance Ministers from member countries. Both entities play a crucial role in advocating for climate action and financing on the international stage.

In his state of the Nation Address on February 27, 2024, President Nana Addo Dankwa Akufo-Addo stated, "the country had succeeded in having the secretariat of the Climate Vulnerability Forum, an inter-governmental forum of sixty-eight (68) of the most climate vulnerable countries, representing some 1.4 billion people, located in Africa, here in Accra".

The permanent secretariat in Accra facilitates smoother day-to-day operations, as highlighted by the former Maldives Prime Minister and current CVF Secretary-General, His Excellency, Mohamed Nasheed.

He noted that a centralized location fosters better communication and collaboration between member countries.

The Secretary-General also emphasised the pressing debt crisis faced by CVF countries, totaling $500 billion in upcoming debts. He stressed the need for urgent financial support to avoid situations like Sri Lanka's recent economic turmoil.

"As we often say in CVF, the fate of the most vulnerable will be the fate of the world", His Excellency, Mohamed Nasheed said.

Dr. Eric Twum, CVF's Regional Director for Africa on his part sees Ghana's secretariat as an opportunity to promote "Debt SWAP for Nature" initiatives, where debt forgiveness is tied to environmental conservation efforts.

"Ghana's CVF secretariat bolsters its role in Debt SWAP for Nature efforts" Dr. Eric Twum said.

Background on CVF

Founded in 2009, the CVF is a global partnership of countries disproportionately impacted by climate change due to their social, economic, and environmental vulnerabilities. It currently has 68-member governments.

MA/NOQ