OPEC Fund Launches V2V Compact for Climate-Vulnerable Nations

The OPEC Fund for International Development has launched the Vulnerability to Viability (V2V) Compact. This initiative aims to provide affordable finance to climate-vulnerable countries. In collaboration with development finance institutions, the Compact seeks to change traditional funding dynamics. The announcement was made during the OPEC Fund Development Forum in Vienna.

A joint effort with the Government of Barbados, the Compact addresses the needs of 74 vulnerable economies. It collaborates with over 15 development finance partners, including the African Development Bank and the World Bank Group. The goal is to align finance, expertise, and priorities to help countries build resilience in water, education, and health.

Barbados Prime Minister Mia Amor Mottley emphasized the importance of sustainable pathways. The Compact redefines relationships with financial institutions, promoting co-investment over donor dependency. OPEC Fund President Abdulhamid Alkhalifa reaffirmed the organization's commitment to supporting these countries with necessary resources.