At a recent panel discussion, Commonwealth Secretary-General The Rt Hon Patricia Scotland KC underlined that the financial needs of Small Island Developing States are critical, situating them precisely within the contexts of threat and risk associated with climate change.
“Commonwealth countries, in particular our small island developing states, are on the front lines of climate change. The global financial system both public and private has not moved quickly enough to finance their adaptation and resilience,” Scotland said. “Structural and multifaceted, the issues require creative solutions. Under our COMPASS initiative, we continue to make strides, mobilizing over 5,000 young people, experts, and leaders from every corner of the Commonwealth to work together in finding solutions.”
She added further that with COMPASS, diverse financial sources such as carbon credits and biodiversity conservation could be tapped into. She called upon stakeholders to become involved in the next phase of this initiative by viewing a detailed report.
His Excellency Mr. Paul Andrew Gomez, High Commissioner of The Bahamas, echoed this view by voicing strong support for COMPASS. He recognized the huge potential of the achievement to catalyze important finance for SIDS, particularly in youth empowerment.
“COMPASS is not a vision document; it is a promise of implementation for meaningful transformations. It will create jobs and cultivate new first-time entrepreneurs, in particular the youth from SIDS who experience high levels of unemployment and other social challenges,” Gomez said. He called for collaborative efforts to showcase COMPASS’ early gains and how it can be transformative.
COMPASS: Collaborative Innovation
According to Professor Nazia M. Habib, Founder of CRSD, this took full exploration of research and cooperation to establish the COMPASS tool. She emphasized that investors and SIDS take balanced risks to set up a supportive financial system.
“COMPASS epitomizes innovative thoughts based on deep research and collaboration. It presents the hidden potential within natural assets and youth demographics of SIDS and charts a course for their economic and social resilience,” said Professor Habib. Nahjae Nunes, Vice-Chairperson of the Commonwealth Youth Council, heralded COMPASS as a platform that not only allows young professionals to lead in its implementation but also ensures it addresses the needs and ambitions of their generation.
“COMPASS is far from merely being a tool for financial modeling on the verge of its practical application, it enables young professionals to lead,” Nunes pitched. The panel concluded with an appeal to action for stakeholders working together on the implementation of COMPASS. The strategy entails recalibrating SIDS financial landscapes and will affect more than 1.5 billion young Commonwealth citizens. The “Their Future, Our Action” report is now published and appeals for contributions towards this key aspect of sustainability warfare.
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