London, UK - September 13, 2023 - Dr. Nazia M. Habib, Head of the Centre for Resilience and Sustainable Development (CRSD), took center stage today at the 10th Commonwealth Youth Ministers Meeting to facilitate a thought-provoking roundtable discussion on collaborative finance. This event provided a platform for Dr. Habib to introduce to delegates findings from the ongoing research collaboration between CRSD and the Commonwealth Secretariat, "Their Future, Our Action." This two-year multi-stakeholder research initiative identifies innovative ways to accelerate Small Island Developing States (SIDS) access to sustainable finance to support development.
The Youth Ministers Meeting is being hosted by the Commonwealth Secretariat to bring together Government ministers, senior government officials, advocates and young leaders from across 56 Commonwealth member states to develop and discuss initiatives, under the theme “Aiming Higher: Delivering More for Young People in the Commonwealth.”
After two days of lively discussion on a range of ideas to support and empower young people across the Commonwealth, the roundtable - titled Implementing a Common Pool Investment Approach to Improve Accessing Sustainable Finance - provided the opportunity for delegates to learn about, and discuss, ways of funding these ideas. The CRSD's commonpool assests approach has now been written into the 10th CYMM Ministerial Statement.
Delegates were introduced to two groundbreaking research outcomes designed to support them to empower their youth populations:
- CamYouth Index: Is a data index, suitable for use in funding applications, that reframes young people who are not in employment, education, or training as valuable resources for countries to ‘tap into’ for new ideas and new investments for sustainable development investments. It measures the potential contribution that young people could make to the future of their respective countries.
- Common Pool Asset Restructuring Strategy (COMPASS): is a model for countries to collaborate on project development and funding applications, with the goal of scaling up project size. This collaborative approach reduces costs and risks while making projects more appealing to a broader range of funders, particularly from the private sector.
Reflecting on the research, the Round Table Chair, and Minister for Women, Community and Social Development, The Hon. Leota Laki Lamositele stated:
Collective action is at the heart of how the Pacific Region successfully generates benefits for all SIDS in the region. COMPASS now takes this principle and applies it to the critical area of investment and finance for all small states in the Commonwealth. It is a vital project that we need to access the funds for supporting and empowering our youth.
The Minister for Youth, Sports and Arts, The Hon. Elvis Nkandu MP of Zambia commented:
As Commonwealth countries we need to break out of silos and find ways of working together on the issue of funding for supporting and empowering our youth. COMPASS is a promising way forward for achieving this.
In her closing remarks, Commonwealth Secretary-General Rt. Hon. Patricia Scotland KC emphasised the importance of investing in SIDS, stating:
"Collectively, the Commonwealth’s Small Island Developing States are a sizeable market brimming with talented young people full of good ideas and entrepreneurial skills. Our task is to find ways to bridge the gap between young people and investors. Their Future, Our Action is the first project of its kind to address this challenge in a manner that aligns with the needs, aspirations, and capabilities of SIDS."
"Collectively, the Commonwealth’s Small Island Developing States are a sizeable market brimming with talented young people full of good ideas and entrepreneurial skills. Our task is to find ways to bridge the gap between young people and investors. Their Future, Our Action is the first project of its kind to address this challenge in a manner that aligns with the needs, aspirations, and capabilities of SIDS."
For additional information please contact:
For Commonwealth Member States:
Deborah Jamieson
Commonwealth Secretariat
Email: d.jamieson@commonwealth.int
For other interested parties:
Dr Nazia M. Habib
Centre for Resilience and Sustainable Development, University of Cambridge
Email: nsh29@cam.ac.uk
