VIENNA, Austria – Climate-vulnerable countries are set to gain improved access to affordable, long-term development finance under a new Vulnerability to Viability (V2V) Compact launched today at the OPEC Fund Development Forum.
Led by the OPEC Fund for International Development (the OPEC Fund) and the government of Barbados, chair of the Climate Vulnerable Forum and its V20 Finance Ministers (CVF-V20), the initiative brings together 74 climate-vulnerable economies and 15 development finance institutions. The Compact aims to channel more affordable financing to countries that contribute least to global emissions yet face some of the greatest climate-related challenges.
The V2V Compact focuses on three areas that are critical to resilience and human development: water, education and health. By combining affordable financing, private capital mobilisation and shock-responsive financial tools, the framework is designed to help countries protect essential services before, during and after crises.
The launch marks a new step in efforts to align development finance with country-led priorities. Through a common platform, participating institutions will work to expand access to finance, improve coordination and support long-term investments in resilient infrastructure and public services.
The OPEC Fund has provided USD 17 billion in support to V20 countries over the past five decades. The V2V Compact builds on this partnership by creating a framework that links country ownership with coordinated development finance support.
Work is already underway to operationalise the initiative. A White Paper outlining practical implementation mechanisms is scheduled for release during the annual meetings of the World Bank Group and the International Monetary Fund in Bangkok in October 2026.
Designed as an open platform, the V2V Compact will continue to expand over time. Additional development finance institutions are invited to join the initiative and align support behind country-led priorities to increase access to affordable finance and deliver development results at scale.