Announcements totalling over half a billion US dollars were made at a Leaders' Breakfast this morning when Heads of Government, Chief Executive Officers, investors, high-net-worth individuals and multilateral organisations met on Jumby Bay Island, off the coast of Antigua, ahead of the Commonwealth Heads of Government (CHOGM) Leaders’ Retreat.
Podium announcements, monetary and in kind, highlighted significant investments, initiatives, funding and commitments towards trade, climate action, digital transformation, and youth development to build and sustain a more prosperous and resilient Commonwealth.
The Leaders' Breakfast is the realisation of the vision Commonwealth Secretary-General, Hon Shirley Botchwey, set in motion for CHOGM – one that would drive investment and deliver prosperity for the 2.7 billion people living across the Commonwealth.
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In her opening remarks, she said:
"By now it must be clear that the old division of labour between governments and business cannot deliver for the people, or for the bottom line of business. We need a new partnership that delivers for everyone, including Commonwealth governments, businesses and investors. Because when business succeeds, national wealth should expand.
"So, let me urge everyone - leaders and CEOs - to join in grand partnership, built on our common goals and strategies for resilience building and shared prosperity. Let us, as governments, financial institutions, private investors and philanthropists, work together to develop investable projects that promote growth and prosperity across the Commonwealth."
Announcements ranged from unlocking finance for youth enterprise to providing access to geospatial data for early-warning disaster risk mitigation, to climate finance. The following announcements were made in below order:
Ben Delo, Founder and Philanthropist, Ben Delo Foundation
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Ben Delo has pledged a lead gift of US$10 million, with a further US$10 million promised in matched funding to launch the Commonwealth Aspiration Fund, a new independent fund to support education, youth employment and enterprise across the Commonwealth’s 56 member countries.
Will Marshall, Co-founder and Chief Executive Officer, Planet Labs
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Planet Labs announced US$ 60 million (US$ 20 million per year for 3 years) for geospatial data access and use. The commitment will harness Planet Labs’ satellite imagery and geospatial intelligence to strengthen carbon accounting across green carbon (forests), blue carbon (oceans and coastal ecosystems), and brown carbon (soils), enabling more accurate measurement, monitoring and reporting of carbon stocks and environmental change. This investment will help Commonwealth countries track ecosystem health, strengthen disaster preparedness and resilience, and generate reliable data to guide climate finance, nature-positive investment and evidence-based sustainable development.
Jennifer Jordan-Saifi, Chief Executive Officer, Sustainable Markets Initiative
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The Sustainable Markets Initiative is advancing Commonwealth resilience and nature investment through a proposed reinsurance vehicle offering up to US$5 billion in protection per catastrophe, and the launch of the US$40 million Lighthouse Nature Fund, targeting US$100 million. New project development and investment-risk tools developed with S&P Global, alongside the 30 x 30 Partnership, aim to mobilise private capital and accelerate nature and ocean protection.
Zoisa North-Bond, Chief Executive Officer, Octopus Energy Generation
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The new alliance with the Organisation of Eastern Caribbean States, Global Citizen, SMI, and the Eastern Caribbean Central Bank announced at the Commonwealth Heads of Government Meeting, will explores how to slash small islands’ fossil fuel reliance, advance low-cost energy and electric transport. It builds on Octopus’ landmark partnership with the Government of Antigua and Barbuda, and is the latest move in Octopus’ emerging markets activity, where it’s building Sierra Leone’s first wind farm with Idris Elba to deliver low-cost reliable energy for Sherbro Island
Tariye Gbadegesin, Chief Executive Officer, Climate Investment Funds
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Climate Investment Funds’ next-generation resilience programme, ARISE, has secured over US$100 million in contributions, with a 40 per cent private sector set-aside. The first cohort of selected countries is expected to be announced next week at COP31 in Antalya. ARISE is seeking partners to help close a US$600 million funding gap against a pipeline of over $700 million in investment-ready projects.
Mafalda Duarte, Executive Director, Green Climate Fund
By video, she announced a US$ 42 million Climate Actions for Building Resilience in Coastal Communities programme for five Commonwealth Caribbean countries, with acknowledgement that the proposal was developed with technical support from the Commonwealth Climate Finance Access Hub (CCFAH).
Earlier in the week at CHOGM, the Commonwealth Nature Initiative (CNI) was announced, aboard the Fortescue Green Pioneer, bringing together governments, philanthropic leaders and conservation organisations behind a landmark US$202.2 million pledge to protect at least 30 per cent of the world’s land and oceans by 2030 - the 30x30 target.
The Leaders' Breakfast was attended by more than 30 Heads of Government and Delegation, and almost 50 industry leaders. Government interventions highlighted country leadership, investment opportunities, trade priorities and reforms to unlock capital and accelerate resilient and inclusive growth.
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The breakfast was also attended by the President of the World Bank Group, Ajay Banga, asking delegates to ensure governments provide the right regulatory frameworks for businesses to invest, focus on micro, small and medium enterprise financing, simplify projects and turn to professionals to implement projects.
