Barbados and the OPEC Fund for International Development have launched a climate financing initiative designed to help climate-vulnerable countries obtain more affordable development and climate-resilience financing. The initiative, described as the “Vulnerability to Viability (V2V) Compact,” is presented as a new mechanism to support countries facing climate risks and economic vulnerability.
According to reporting, the initiative is launched in connection with the OPEC Fund Development Forum in Vienna. The programme brings together a broad group of stakeholders, including climate-vulnerable economies and multiple development finance institutions. One report states the compact involves 78 climate-vulnerable economies and more than 15 development finance institutions.
Barbados is characterized as backing the initiative, with its purpose linked to improving access to development and climate resilience funding on better terms. The initiative is framed as an effort to facilitate financing pathways for countries that need support to adapt to climate impacts and strengthen long-term viability.
