Legal Steering Committee: CRSD and the Commonwealth Bring Global Experts together to Reform Global Finance for Small States

COMPASS, an outcome of the two-year collaboration "Their Future, Our Action", stands to reform financial mechanisms for Small Island Developing States (SIDS). It is a systems based, and risk informed governance approach to attract scaleable and fundable opportunities from SIDS and match them with climate and development finance. By advocating a consolidated, cross-jurisdictional approach, COMPASS aims to streamline sustainable finance provisions for these states, many of whom face environmental and economic challenges intensified by climate change.

Developed through a comprehensive engagement process involving over 500 experts, 4,000 citizens, and over 200 national policymakers across the Commonwealth, COMPASS has already made tangible impacts. This is evident with the Commonwealth Secretariat's successful coordination of a $10 million USD collective non-debt private sector investment for digital training and youth health programs in the Caribbean.

The strategy behind COMPASS promotes shared values and collaborative pooling of resources. It champions the blending of varied financial sources – public funding, private finance, PPPs, green and blue bond issuance, carbon credit generation, and more. This alignment amplifies project scale and echoes the values of the Commonwealth Charter, emphasising collaboration while retaining local autonomy.

Leading the event at Marlborough House, the Rt Hon Baroness Patricia Scotland, KC, will provide the opening remarks. Contributions from Dr Nazia Mintz-Habib, Director of CRSD, and Deborah Jamieson, the chief of staff of the Commonwealth, will offer further insights into the project's direction.

Comprising over twenty professionals from distinguished global hubs, the Committee includes representatives from leading law firms such as Clifford Chance, Dentons, and Allen & Overy. Leaders from multi-national institutions like the United Nations Economic Commission for Africa and the United Nations World Tourism Organization join them. Additionally, academics from diverse research universities, such as the University of Cambridge, the University of Edinburgh, the University of Auckland, the University of Amsterdam, and the Solomon Islands National University, enrich the group. These individuals have led transformative projects in sustainable finance, navigated the nuances of debt capital markets, and shaped policies and frameworks at the nexus of law, environmental governance, and global cooperation. Together, they offer a synthesis of perspectives, ensuring deliberations are underpinned by both depth and breadth of real-world expertise.

Though the immediate focus is on SIDS, COMPASS aims to extend its benefits across the Commonwealth, shifting the narrative from challenges to the potential of these nations.

CRSD, with its dedication to resilience and sustainable development and the support of the Commonwealth Secretariat, propels this collaboration forward, aiming to address the challenges faced by vulnerable states in today's complex global landscape.