The Climate Vulnerable Forum (CVF) today at COP27 issued a major new report which uses a traffic light approach to show that G7 and G20 major economies are stuck on ‘red’ in terms of their NDCs’ alignment with the 1.5ºC goal of the Paris Agreement.
WASHINGTON DC, 19 October 2022 – At the recently held annual meetings here of the International Monetary Fund (IMF) and World Bank, the Vulnerable 20 Group of Finance Ministers (V20) called for debt restructuring and other global financing reforms to help them manage the economic threats of both debt and climate change. The Philippines was the founding chair of the V20 in its establishment in 2015.
The V20 Group of Finance Ministers from climate vulnerable economies and the G7 Presidency today announced they have reached agreement on a financial protection cooperation that responds to loss and damage as a contribution to the Paris Agreement on climate change. V20 and G7 will jointly launch the Global Shield against Climate Risks at COP27 in a wider effort to accelerate pre-arranged financing at speed and scale.
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 [...]
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 [...]