CVF’S climate prosperity plans pave the way for sustainable growth – Dr Amin Adam

The Climate Vulnerable Forum (CVF) and the Vulnerable Twenty (V20) Finance Ministers continue to amplify their voice for sustainable development in the world’s most climate-vulnerable nations through their Climate Prosperity Plans (CPPs).

These plans serve as a strategic framewok to drive sustainable economic development and resilience through green investments and climate adaptation.

At the sidelines of the 79^th United Nations General Assembly in New York where the Forum Leaders converged, Professor George Gyan-Baffour, Chairman of the National Development Planning Commission, speaking on behalf of Ghana’s Finance Minister, Dr. Mohammed Amin Adam, emphasized the importance of CPPs as a crucial framework for mobilizing resources to combat climate change.

He highlighted the significant financial barriers faced by vulnerable nations, including high debt levels and the cost of capital, which impede their ability to invest in climate resilience. “V20 countries face a staggering total external public and publicly guaranteed debt of about US$946.7 billion,” he stated, underscoring the urgent need for financial reform to make debt more manageable for vulnerable countries.

The CVF/V20 continues to advocate for international financial reforms aimed at redirecting global financial resources toward green and resilient investments. The Minister pointed to the Accra to Marrakech agenda, guided by four core principles, as a roadmap for creating a sustainable global economy while addressing climate challenges.

In line with the four core principles – making debt work for climate, transforming the international and development financial system, a new global deal on Carbon Financing and revolutionizing risk management for climate insecure world economy – he called for multilateral support, stressing that “freeing up fiscal space is essential for creating the conditions for sustainable growth.”

Ghana’s President, Nana Addo Dankwa Akufo-Addo, reflected on his country’s successful tenure as CVF/V20 President. He acknowledged the establishment of the independent secretariat and the expansion of CVF membership from 56 to 70 countries. “Our chairmanship has been at the forefront of advocating for immediate and comprehensive reforms to the international financial architecture,” he noted, adding that Ghana’s leadership had improved access to climate finance across member states.

As the CVF/V20 leadership transition to Barbados, both Professor Gyan-Baffour and President Akufo-Addo expressed confidence in continued advocacy for vulnerable nations under Prime Minister Mia Mottley’s leadership. “Together we’ll continue to strive for a more just, resilient, and prosperous future for all vulnerable nations,” President Akufo-Addo said.

With the new CVF headquarters in Accra serving as a symbol of commitment to climate action, the CVF and V20 are poised to drive transformative changes, ensuring that vulnerable nations have a stronger voice in global financial systems.