CRSD's COMPASS Methodology Integrated into CYMM's Ministerial Notes
On September 21, 2023, Dr Nazia M. Habib, Head of the Centre for Resilience and Sustainable Development (CRSD), took a central role at the 10th Commonwealth Youth Ministers Meeting in London. Dr Habib led a dynamic discussion on collaborative finance, unveiling findings from the ongoing CRSD-Commonwealth Secretariat research collaboration, "Their Future, Our Action." Here, Dr Habib discussed the innovative Common Pool Asset Restructuring Strategy (COMPASS) developed by CRSD. This has now been formally incorporated into the 10th CYMM Ministerial Statement.
The Youth Ministers Meeting gathered government officials, advocates, and young leaders from 56 Commonwealth member states to explore initiatives for youth empowerment under the theme "Aiming Higher: Delivering More for Young People in the Commonwealth." The roundtable, titled "Implementing a Common Pool Investment Approach to Improve Access to Sustainable Finance," focused on enhancing funding for these initiatives.
COMPASS, introduced by CRSD, revolutionises project development and funding applications through cross-country collaboration, scaling up project sizes while reducing costs and risks. The Common Pool Asset re-Structuring Strategy (COMPASS) which is a collaborative model for countries to jointly develop projects and funding applications, making them more attractive to a wider range of funders.
The integration of COMPASS into the 10th CYMM Ministerial Statement signifies a significant step toward leveraging collaborative finance for sustainable development and youth empowerment across the Commonwealth.