The World Bank’s latest report estimates that Cabo Verde, a small archipelago off West Africa, must invest $842 million between 2024 and 2030—approximately $140 million annually—to tackle its climate and development challenges.
The recently released Cabo Verde Country Climate and Development Report (CCDR) paints a picture of stark vulnerabilities but also outlines a roadmap for innovation and resilience.
The island nation’s geography makes it particularly susceptible to rising sea levels, which threaten its tourism-dependent coastlines, and prolonged droughts that endanger agriculture and food security.
Cabo Verde officially changed its name from Cape Verde on October 24, 2013, in a request to the United Nations Secretary-General.
Warming oceans and overfishing jeopardise the fisheries sector, a major contributor to the economy. With 80% of its food imported and a heavy reliance on fossil fuels, Cabo Verde faces significant external risks. Without decisive action, GDP could shrink by 3.6% by 2050, and tourism revenues may plummet by 10%.
But the CCDR is more than a report—it’s a call to action!
Cabo Verde has set an ambitious target of 100% renewable energy by 2040, with investments in solar and wind promising $1.8 billion in fuel savings by 2050. Sustainable tourism, eco-tourism and cultural heritage are key to diversifying its economy. The blue economy offers untapped potential in sustainable fisheries and aquaculture, while low-carbon desalination technologies could solve the nation’s water scarcity challenges.
To achieve this vision would require a $140 million annual investment through 2030, equivalent to 6% of GDP. Financing mechanisms such as carbon markets, concessional loans, and public-private partnerships will be critical. Cabo Verde has made significant strides with its 2024 Climate Change Law, focusing on adaptation and resilience across all sectors.
The World Bank report prioritises inclusivity by advocating for investments in education and social protections that benefit women, youth, and rural communities during the transition.
Cabo Verde’s vision is not just about survival — it’s about becoming a global leader in sustainability. As the nation rallies its government, private sector, and international partners, it aims to inspire other island nations to follow its lead, proving that bold action can transform vulnerabilities into strengths.
