Cabo Verde calls for reform of international climate finance criteria

Cabo Verde is calling for a reform of international financing and development cooperation criteria to better support Small Island Developing States (SIDS). During the 17th V20 Ministerial Dialogue in Bangkok, State Secretary of Finance Maria José Lopes argued that current financial architectures rely too heavily on per capita income, which fails to account for the structural and climate-related vulnerabilities of island nations.

Lopes emphasized that for Cabo Verde, climate change is a present reality manifested through water scarcity, recurring droughts, coastal erosion, and ecosystem instability. To address these challenges, she advocated for the integration of new metrics, such as the Multidimensional Vulnerability Index (MVI) and ‘Beyond GDP’ approaches, to more accurately reflect the economic and social realities of vulnerable nations. The official stressed that access to concessional financing is essential for building resilience and should be treated as a core component of development solutions.