Compass: Their Future Our Action
An innovative financial system encouraging investment in Small Island Developing States
The University of Cambridge’s Centre for Climate Repair and Resilience worked closely with the Commonwealth on an action research project exploring how to make Small Islands and Developing States (SIDS) more attractive to climate finance. The outcome was an innovative financial system outcome, COMPASS.
As Baroness Scotland outlines in her foreword, Their Future, Our Action “reimagines the very foundation of funding sustainable development for SIDS”.
SIDS have consistently proven their resilience, creativity and adaptability in the face of global challenges like climate change, international economic crisis and the COVID-19 pandemic. Yet, limited access to investment - particularly from the private sector - hinders their future capacity for sustainable development.
This not only deprives SIDS of opportunities, but is also a loss to the world. SIDS are stewards of 22% of the world's Exclusive Economic Zones (EEZs), including 7 out of 10 coral hotspots, and possess valuable cultural resources. Collectively, these are of immense global importance in key industries, in addressing climate change and biodiversity loss, and in building resilience. SIDS’ youthful populations, as shown by Their Future, Our Action, are able and willing to step up as entrepreneurs and leaders in forging a new sustainable, equitable and inclusive future.