By Deborah Olaoluwa
Cabo Verde has launched a new Financial Strategy and Implementation Roadmap to unlock critical funding for climate action and sustainable development.
The move aims to bolster the nation’s ability to finance its transition to a greener, more resilient economy.
The strategy was unveiled at the National Dialogue on External Financing and Climate-Resilient Sustainable Development, a high-level forum that convened government officials, private sector leaders, and international partners.
The initiative is supported by a joint UN project involving UNCTAD, the UN Economic Commission for Africa (ECA), and the UN Economic Commission for Latin America and the Caribbean (ECLAC).
In his opening remarks, Deputy Prime Minister and Minister of Finance Olavo Correia underscored the need for decisive action.
“In times when challenges multiply and resources are scarce, it is imperative to adopt innovative and collaborative approaches capable of reconciling macroeconomic stability with investment in green transformation, climate resilience, and social inclusion,” he said.
“We want—and we will—turn our vulnerability into opportunity.”
UN Resident Coordinator Patrícia Portela de Souza lauded the initiative, describing the dialogue as “a milestone in Cabo Verde’s journey towards an inclusive, sustainable, and climate-resilient future.”
She highlighted the country’s strategic vision, guided by its Ambição 2030 and other national plans, which positions it as a regional pioneer.
The new roadmap outlines practical steps to attract investment, including exploring debt-for-climate swaps, issuing green and blue bonds, and establishing Cabo Verde as a sustainable finance hub.
Speaking on behalf of the ECA, Economic Affairs Officer Hopestone Kayiska Chavula commended the country’s progress. “Cabo Verde stands out as one of Africa’s most open and forward-looking island economies,” he said, noting the project will help develop “climate-informed financial strategies by combining macroeconomic diagnostics, climate risk analysis, and innovative instruments such as green bonds, debt-for-climate swaps, and sustainability-linked financing.”
Daniela Magalhães Prates of UNCTAD highlighted the importance of strong institutions, stating, “Even in times of crisis, good governance and a strong commitment to sustainability deliver tangible results.”
The event concluded with a renewed commitment to convert the strategy into concrete actions, accelerating climate finance access and solidifying Cabo Verde’s role as a model for other Small Island Developing States.
The United Nations initiative, funded through the Development Account, supports Small Island Developing States (SIDS) in creating innovative financial instruments that facilitate access to climate finance.
Beneficiary countries include Cabo Verde and the Union of the Comoros in Africa, as well as Belize and Saint Vincent and the Grenadines in Latin America and the Caribbean.
As next steps, partners will provide technical assistance to support the priority actions identified in Cabo Verde’s financial roadmap. This will be followed by a regional virtual dialogue in November 2025 , where lessons learned will be shared and the approach explored for potential replication in other countries.
