UK (Commonwealth Union)_ This week marked the launch of the CRSD-Commonwealth Legal Experts Committee at the Commonwealth Secretariat’s headquarters in Marlborough House, London. Formed through a partnership between the University of Cambridge’s Centre for Resilience and Sustainable Development (CRSD) and the Commonwealth Secretariat, this Committee is geared towards expediting the development of the legal framework supporting the Common Pool Asset Structuring Strategy (COMPASS).
The primary objective of this Committee is to accelerate the evolution of the legal framework underpinning COMPASS, a groundbreaking initiative born out of the collaborative effort “Their Future, Our Action,” a two-year venture between CRSD and the Commonwealth. COMPASS is designed to revolutionize financial mechanisms for Small Island Developing States (SIDS), aiming to streamline sustainable finance provisions for these nations facing growing environmental and economic challenges exacerbated by the impacts of climate change.
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Developed through an inclusive engagement process that involved over 500 experts, 4,000 Commonwealth citizens, and more than 200 national policymakers, COMPASS has already borne fruit. Notably, the Commonwealth Secretariat successfully orchestrated a collective private sector investment of USD 10 million to support digital training and youth health programs in the Caribbean. The COMPASS Strategy envisions a collaborative approach for the development of projects, pooling governance resources, and establishing a robust pipeline of funding applications and investable projects in the international financial market. This initiative employs various tools, including public funding, private finance, public-private partnerships, green and blue bond issuance, and carbon credit generation, among others.
During the inaugural working group meeting of the CRSD-Commonwealth Legal Experts Committee, Commonwealth Secretary-General, the Rt Hon Patricia Scotland, KC, highlighted the potential of this initiative to transform investment prospects for SIDS within the Commonwealth. She emphasized the initiative’s alignment with the core values of the Commonwealth Charter, prioritizing good governance, sustainable development, the needs of small and vulnerable states, and the pivotal role of young people in shaping the future.
The Secretary-General stated, “This collaboration seeks to bolster the resilience of SIDS while leveraging their natural assets and youth populations to create new mechanisms for reliable, long-term, sustainable investment. It is driven by SIDS, guided by young people, and informed by experts. This initiative aligns with the core values of the Commonwealth Charter, prioritizing good governance, sustainable development, the needs of small and vulnerable states, and the crucial role of young people”. Secretary-General Scotland emphasized the Commonwealth’s long history of advocating for action on climate change, citing the Langkawi Declaration on the Environment from 1989. She asserted that when the Commonwealth leads, the rest of the world follows, and she considers COMPASS to be another example of Commonwealth leadership.
Dr. Nazia Mintz Habib, FRSA, the Founder and Research Centre Director for CRSD, underscored the importance of justice within CRSD’s action-research philosophy, expressing delight at the launch of the CRSD-Commonwealth Legal Experts Committee in collaboration with Secretary-General Scotland. She stated, “Justice is a critical part of CRSD’s action-research philosophy. I am delighted to launch the CRSD-Commonwealth Legal Experts Committee with Secretary-General Scotland. This Committee brings together over 20 global legal experts to make CRSD research actionable. This launch is a very important milestone in our partnership.” Deborah Zandstra, Partner at Clifford Chance LLP, spoke positively about the inaugural Committee meeting, noting the motivation among legal minds and the potential for positive courses of action in addressing the needs of SIDS. She expressed eagerness to continue the conversation in the coming months.
The Committee has commenced its vital role in shaping the legal, governance, and technical aspects necessary to support COMPASS. It aims to mitigate risks, establish cross-jurisdictional parameters, devise model contracts, and set up methods for collective evidence and impact measurement. The workshop organizers extended their gratitude to all participants, emphasizing the potential for collective efforts by the Legal Experts Committee to usher in transformative change, improve livelihoods, mitigate risks, create new opportunities, and stimulate economies.
