## Sustainable Markets Initiative Unveils Support for Commonwealth Member States at CHOGM
In the presence of His Majesty King Charles III and leaders from the Commonwealth, the Sustainable Markets Initiative (SMI) has unveiled a series of initiatives at the Commonwealth Heads of Government Meeting (CHOGM) Business Forum in Samoa. These initiatives aim to solidify the SMI’s commitment and support for Commonwealth Member States in accelerating progress towards global climate and biodiversity targets.
Pacific Hub: Connecting Industry and Finance for a Sustainable Future
Launched in Australia, the SMI’s new Pacific Hub brings together CEOs from across industry and finance with climate leaders in the region. This initiative fosters alignment of efforts to achieve global climate and biodiversity targets, promoting collaboration between the private sector and governments.
Marine Mangrove Sanctuary: Restoring Ecosystems and Protecting Cultural Heritage
The SMI, in partnership with Rotary International and SpaceX, has established a Marine Mangrove Sanctuary in Samoa. The sanctuary, located in Nono’a Saleimoa, will restore and maintain the mangrove ecosystem, mitigating sea level rise and preserving cultural heritage. This initiative is a testament to the SMI’s commitment to sustainable practices and highlights the role of technology in conservation. The project leverages Starlink’s satellite internet technology to track progress in real-time, demonstrating the value of connectivity in supporting remote communities and advancing environmental projects.
Private Sector Training Programme: Empowering Governments for Climate Action
The SMI has extended its highly successful Climate Training Programme to government officials in Commonwealth Member States. This programme, which has already engaged over 800 participants from 85 countries, offers a comprehensive curriculum developed by experts from the public and private sectors. The training will equip officials with the knowledge and skills needed to effectively deliver climate and biodiversity-related projects, including the implementation of Nationally Determined Contributions (NDCs).
SMI Impact Accelerator and High-Level Climate Investment Authorities: Bridging the Investment Gap
The SMI’s Impact Accelerator provides end-to-end support for governments in developing investment-ready projects aligned with sustainable transition. Recognizing that the private sector is ready to mobilize capital but faces a limited pipeline of viable projects, the SMI is filling this gap by facilitating project development, industry partnerships, and capacity building. To further enhance public-private partnerships and mobilize investment, the SMI strongly recommends the establishment of High-Level Climate Investment Authorities (HCIAs) within governments. These dedicated entities would serve as a focal point for coordinating private sector partnerships and capital mobilization, accelerating climate action.
SMI Nature Risk Tool: Assessing Environmental Impacts of Infrastructure
The SMI has made its Nature Risk Tool available to all Commonwealth member states. This tool, developed by AECOM and powered by data from the Taskforce for Nature-related Financial Disclosures (TNFD), allows infrastructure investors and developers to analyze the environmental impacts of projects early in the planning stages. By assessing the potential risks to local biodiversity and ecosystems, the tool empowers decision-makers to adopt more sustainable practices and minimize negative environmental impacts.
Natural Capital on African Governments’ Balance Sheets Initiative: Valuing Nature as an Investment
The SMI Africa Council has launched an initiative to explore integrating natural capital assets into national balance sheets. By recognizing the intrinsic value of nature and its contribution to economic growth, this initiative aims to make natural capital an investable asset class, attracting investment and fostering sustainable development practices.
A Commitment to a Sustainable Future
Jennifer Jordan-Saifi, CEO of the Sustainable Markets Initiative, highlighted the urgency of these initiatives, emphasizing the importance of addressing climate change and biodiversity loss, especially in communities on the frontlines of these challenges. Dr. Hubert Danso, Co-Chair of the SMI Africa Council, underscored the critical role of natural capital in African economies and the need for scaled investment in ecosystems to protect and expand their value. The SMI’s initiatives at CHOGM showcase a bold vision for a sustainable future, emphasizing collaboration, innovation, and a commitment to building a more equitable and environmentally responsible world.