Barbados and the OPEC Fund for International Development have launched a new initiative aimed at helping climate-vulnerable countries access more affordable financing for development and climate resilience projects.

The Vulnerability to Viability (V2V) Compact, unveiled in Vienna, brings together 78 climate-vulnerable economies and more than 15 development finance institutions. The initiative seeks to improve access to capital through longer repayment terms, better alignment with national priorities and financing mechanisms designed to help countries build resilience and sustain essential services.

Prime Minister Mia Mottley said the Compact is intended to help vulnerable nations move beyond “survival” towards “viability and prosperity” by unlocking affordable capital.