V20 Group of Finance Ministers

Press conference: Launch of V20 Climate Vulnerable Economies Loss Report

June 8, 2022

The Climate Vulnerable Economies Loss Report was released by the V20 Group of Finance Ministers, led by the Republic of Ghana, which holds the presidency of the Climate Vulnerable Forum (CVF) for the next two years, and in collaboration with FinRes, Aroha, Financial Futures Center, Global Center on Adaptation, and ICSC. It detailed the massive economic damage wrought by climate change on the economies of the V20, representing countries considered the most vulnerable to climate change.

Key findings of the report include the following:

• Climate change has eliminated one-fifth or 20 percent of the wealth of V20 countries over the last 20 years, which translates to around USD 525 billion worth of losses;
• Loss and damage incurred by most at-risk countries (10 percent of worst affected V20 economies) exceed half (51 percent) of their overall economic growth from 2000 to 2019; and
• On average, GDP growth in V20 countries was cut by one full percent each year.

ICSC released a reactive responding to the findings of the V20 report, with deputy executive director Angelo Kairos Dela Cruz as talking head, saying that “developed countries must show they are accountable for the consequences of their inaction, and they need to do their part in ensuring a secure and thriving future for all is within reach.”

The V20 report was released towards the beginning of the UN climate talks, where financing for loss and damage was a highly contested issue. After concerted pressure from developing countries, the UNFCCC Executive Secretary stated in a formal communication dated June 27 that loss and damage financing has been included in the provisional agenda of COP27, the UN climate conference to be held in Egypt this November. The CVF also stated during the SB56 closing plenary its call for COP27 to mandate the IPCC to develop a Special Report on Loss and Damage.

PANELISTS:

• Emmanuel Tachie-Obeng, Coordinator of the CVF Ghana Presidency
• Kathy Jetnil-Kijiner, Climate Envoy of the Marshall Islands and CVF Thematic Ambassador for Culture
• Florent Baarsch, Founder and CEO, Finres
• Sara Jane Ahmed, Finance Advisor, V20 Secretariat
• Jeremiah Fenitra, Sampan’asa Mombany Fampandrosoana, Madagascar
• Matthew McKinnon, Head of the CVF/V20 Secretariat

Other CVF and V20 events

ICSC is part of the CVF Experts Advisory Group

• The CVF hosted a Head of Delegations (HOD) dinner meeting on June 10, 2022 at the AMERON Bonn Hotel Königshof, from 18:30-21:30 CEST to discuss the forum’s top priorities in advance of the CVF high-level meeting and COP27. The dinner was chaired by Dr. Emmanuel Tachie-Obeng, Coordinator of the CVF Ghana Presidency, and was closed by SBSTA chair and CVF ambassador for renewable energy Tosi Mpanu-Mpanu. ICSC is represented by associate for policy advocacy Denise Fontanilla who helped facilitate one of the breakout groups.

• The Office of the United Nations High Commissioner for Human Rights (UN OHCHR) hosted a side event with the CVF on integrating human rights in climate finance and governance on June 15, 2022, 11:30-13:00 CEST, at Room Bonn. Ian Fry, the new UN Special Rapporteur on human rights and climate change, thanked the CVF for advancing the cause in the UN Human Rights Council and making his position possible. He later outlined his plan to address the human rights aspects of climate change in his report to the HCR last June 23.
  • Watch Video
  • Related Materials:
    • Ghana CVF statement, delivered on June 23 in the UN Human Rights Council, Geneva
    • Statement on human rights delivered by Ian Fry
  • Related materials from ICSC:
    • [REACTIVE] UNHRC passes HR and climate resolution
    • [COVERAGE] Climate change is a human rights crisis, says UN reso

ICSC with the Munich Climate Insurance Initiative (MCII), V20 Group of Finance Ministers

En Route to COP 27: Key Moments & Climate Vulnerables Expectations on Climate and Disaster Finance

June 9, 2022

The event brings together voices from V20 Governments, civil society and academia to lay out key deliverables needed from COP 27, the G7/G20, WB/IMF and from the Glasgow Dialogue in the space of Climate and Disaster Risk Finance and Insurance (CDRFI), climate finance and Loss and Damage. At the event, recent research on historic Losses and Damages in V20 countries as well as on the CDRFI Agenda for 2022 will be presented. In the face of increasing climate change related losses and damages and the staggering financial protection gap, voices from climate vulnerable countries must be amplified more than ever. This event advocates for V20 initiatives seeking strategic partnerships to implement the V20 2025 Vision and V20 Climate Prosperity Plans.

PANELISTS:

• Emmanuel Tachie-Obeng, Ghana (Environmental Protection Agency Ghana, Ghana V20 Presidency)
• Denise Fontanilla, Institute for Climate and Sustainable Cities
• Soenke Kreft, Executive Director MCII, Section Head UNU-EHS
• Sara Jane Ahmed, Finance Advisor to the V20

CARE

Multi-Actor Partnership (MAP) meeting

June 10, 2022

The Multi-Actor Partnership (MAP) on Climate and Disaster Risk Finance in the context of the InsuResilience Global Partnership (IGP) is a global project implemented by a group of civil society organizations from Laos, Sri Lanka, Malawi, Madagascar, Senegal, Philippines, Caribbean, and Germany.

In addition to global level influencing work, the core of the MAP in the Philippines will be engagement at both the national and subnational level, capacity development and the establishment of MAP on climate risk finance. This project is funded by the German Ministry for Economic Cooperation and Development (BMZ) and is coordinated by CARE Germany together with Germanwatch and MCII.

ICSC, who serves as the representative for Academia and Thinktanks in IGP High Level Consultative Group and lead implementer of MAP in the Philippines, is represented by lead analyst for climate finance Janssen Mozar Martinez.

Related materials and events

• [REMARKS] 5th IGP High Level Consultative Group meeting, delivered by ICSC deputy executive director Angelo Kairos Dela Cruz on October 28, 2021
• [REMARKS] 6th IGP High Level Consultative Group meeting, delivered by ICSC executive director Renato Redentor Constantino on April 7, 2022
• [EVENT] Regional MAP workshop in Asia, hosted by ICSC on May 30 to June 1, 2022

UNFCCC

Global Stocktake First Technical Dialogue

June 10, 11, and 13, 2022

The technical dialogue (TD) is a conversation among parties, experts, and non-party stakeholders, which aims to develop a shared understanding of the latest information on the implementation of the Paris Agreement and progress towards the purpose and its long-term goals, based on the best available scientific information.

Danica Marie Supnet, ICSC senior analyst for climate governance, participated in the roundtable discussions on the means of implementation and support. Supnet highlighted the importance of regional perspectives on the renewable energy (RE) transition and finance to capture shared issues and recommended actions from key actors, which in turn can help identify the gaps and progress, as well as advance collective global climate action.

INTERVENTIONS DELIVERED BY ICSC

About GST
The Global Stocktake (GST), a formal process established under the Paris Agreement, assesses the collective progress toward the purpose of the Agreement and its goals. For a successful GST, the participation and engagement of Non-Party Stakeholders, including civil society, businesses, local governments, and academia, is essential. Non-party stakeholders play an essential role in such as providing and sharing unique experiences and knowledge and filling data and information gaps. Regional level collaboration and discussion are highly encouraged as one of the ways to involve broader stakeholders with the GST.

Independent Global Stocktake Summer Strategy Meeting

June 14-18, 2022

The Independent Global Stocktake (iGST) is a consortium of civil society actors working together to support the GST. iGST established two regional hubs – the Latin America and the Caribbean Regional Hub (LAC Hub) and West Africa Regional Hub (WA Hub), which increase motivation to enhance ambition and support climate action based on the circumstances prevailing in the regions.

Core partners of the iGST consortium gathered for a strategy meeting after the first-ever Technical Dialogue session of the first global stocktake. After being unable to meet in person for several years, this strategy session allowed partners to engage in peer sharing and learning, and coordinate strategies on the next steps coming out of the first Technical Dialogue.

ICSC senior analyst for climate governance Danica Marie Supnet and lead analyst for climate finance Janssen Mozar Martinez represented the organization in this meeting.