[V20 Ministerial Dialogue IX: “When is Now?”] Climate-vulnerable economies: Climate disasters and debt are a vicious cycle
The V20 Group of Finance Ministers from 58 climate-vulnerable economies today demanded reforms in the global financing architecture as they face mounting economic threats from climate disasters and debt. V20 countries have at least USD435 billion of debt servicing payments due in four years at a time when new investment is severely needed, the Group noted in its V20 Ministerial Dialogue IX Communique.
As cost of climate change rises, UN urges compensation [Washington Post]
From drought to floods and sea level rise, the cost of damage caused by climate change will only get higher as the world warms, sparking concerns from both top officials and activists about how to pay for it. “Loss and damage from the climate crisis is not a future event. It is happening now, all around us,” said United Nations Secretary-General Antonio Guterres on a visit to Pakistan, which recently suffered from devastating floods that displaced hundreds of thousands of people and left over a thousand dead.
[REACTIVE] New V20 report reveals staggering climate-induced economic losses over last 20 years
Report underscored emergency need for crisis-level action via loss and damage funding for the most vulnerable economies MANILA, June 9, 2022 – A report released yesterday by the Vulnerable Twenty (V20) Group of Finance Ministers detailed the massive economic damage wrought by climate change on the economies of the V20, representing countries considered the most vulnerable to climate change. V20 finance ministers called for the immediate establishment of an international financing facility to provide countries with direly needed funding support. The Climate Vulnerable Economies Loss Report, authored by climate research firm FinRes, showed that the V20 would be 20 [...]
Climate change wiped out fifth of vulnerable countries’ wealth over last 2 decades- report
V20 Group of 55 economies reinforce demands for international funding for loss and damage Reposted from the V20 Group of Finance Ministers | READ THE STORY HERE BONN, Germany, 8 June 2022 – The V20 Group of Finance Ministers from climate vulnerable economies are calling for the immediate establishment of a separate and dedicated international funding for loss and damage crisis-level adaptation action. A V20-commissioned report launched today alongside the UN climate talks in Bonn, Germany, shows how climate change has already eliminated one fifth of the wealth of these countries, or 525 billion USD, over the last [...]