CWEIC, in conjunction with the Secretariat and the International Sustainability Unit has taken forward the development of the Commonwealth Green Finance Facility, as mandated by the outcomes of the Commonwealth Heads of Government Meeting 2015. The Facility will improve the bankability of green projects in Commonwealth countries by providing risk cover and credit enhancement, in particular for the Island States. It would be capitalised initially through sovereign contributions and support and then subsequently by issuing ‘Green Bonds’ in order to attract the participation of institutional investors. Its initial size would be $1 billion, with further capitalisation over time. CWEIC has put in place a Development Agreement with the Commonwealth Secretariat to establish a working group to support the development of the ‘The Strategic Case for a Commonwealth Green Finance Facility’ document.
The Working Group is chaired by Lord Marland of Odstock, Chairman, CWEIC, and Justin Mundy, Director of The Prince of Wales’ International Sustainability Unit and has met four times since CBF 2015. It is comprised of representatives from the Governments of Australia, Canada, Grenada, Malta, Malaysia, Nigeria, Seychelles and the UK. The Technical Committee, which provides the private sector input has met four times and is attended by Linklaters, HSBC, PWC, Lion’s Head Capital, Willis Towers Watson, Rock Creek Group.