Vulnerable nations set to design and test loss and damage funding facility
Finance ministers from vulnerable nations have agreed to use philanthropic funds to demonstrate how a funding mechanism for victims of the climate crisis could work by Chloé Farand | April 25, 2021 | Published by Climate Home News | READ THE STORY HERE A coalition of vulnerable countries is getting to work to develop an international funding mechanism for victims of climate disasters. Finance ministers of the V20 group of vulnerable nations, a coalition of 48 developing countries, have agreed to design and test a funding facility to address the losses and damages of lives, [...]
V20 TO G7, G20: UPGRADE NEAR-TERM EMISSIONS TARGETS, ESTABLISH A FIT-FOR-CLIMATE PROSPERITY GLOBAL FINANCIAL SYSTEM
Washington DC, 21 April 2022 — Finance ministers from the V20 Group of climate vulnerable economies pushed for partnership with the G7 and G20 to improve the global financial system. V20 leaders called on the G7, the G20, and the IMF to act decisively on loss and damage while ensuring the inclusion of vulnerable economies in their decision-making processes. V20 ministers pointed to the InsuResilience Global Partnership as an example of collaboration deserving of replication. Intensifying climate change impacts, consistent with projections from the latest IPCC reports show growing losses and damages due to inadequate adaptation responses and a [...]
Ahead of UN climate summit, rich countries stumble with dismal finance offer
MANILA, October 27, 2021 — Developed countries are projected to raise USD 100 billion in climate finance annually in 2023, three years later than pledged, according to a report released by the United Kingdom days before the United Nations climate summit is set to begin this Sunday. Rich countries pledged back in 2009 to raise USD 100 billion in climate finance annually from 2020 to 2025. A climate finance delivery plan was led by Germany and Canada and published last Monday by the UK, host of this year’s COP26 summit in Glasgow, Scotland, showing that this longstanding goal will [...]
Press Release: Vulnerable countries to insure MSMEs amidst worsening climate disasters
DOWNLOAD PDF Vulnerable countries to insure MSMEs amidst worsening climate disasters MSMEs account for 29% of GDP and employ 78% of workforce in vulnerable economies NEW YORK, 22 Sept 2019 – The Vulnerable Twenty (V20) group of economies today rolled out its Sustainable Insurance Facility (SIF) to protect micro, small and medium-sized enterprises (MSMEs) that account for 29% of GDP and employ 78% of workforce in vulnerable economies. Worsening climate disasters would further drag down economic productivity and resilience if the MSME sector does not have adequate insurance protection and investment capacity to absorb financial shocks and [...]
Reactive: Japan fails to drive stronger G20 climate pact
Reacting to the G20 Summit’s conclusion in Osaka, Renato Redentor Constantino, Executive Director of the Institute for Climate and Sustainable Cities said: “As G20 Chair, Japan’s failure to drive a stronger outcome in support of climate action exposed Prime Minister Shinzo Abe’s weak leadership in the global stage. Japan wasted its chance to decisively confront the climate emergency and leave behind a legacy of modernity. Instead, it meekly exits the stage bowed low to usher in Saudi Arabia’s climate of impunity. “This weak legacy will inevitably taint Japan’s image on the road to hosting the 2020 Olympics where its leadership [...]