Philippine government convenes national dialogue to strengthen financial protection against climate risks and impacts
PASIG CITY, 28 August 2025— The Philippine government is taking steps to strengthen the financial protection of Filipino communities from climate- and disaster-related risks through climate and disaster risk finance and insurance (CDRFI). On August 13, the Department of Finance (DOF) convened a national dialogue to inform CDRFI priorities, including those that can be supported by the Global Shield against Climate Risks. A joint initiative of the Vulnerable Twenty (V20) Group of Finance Ministers and the G7 (Group of Seven), the Global Shield against Climate Risks aims to strengthen the financial protection and resilience of climate-vulnerable countries and communities. [...]
CVF Calls Glasgow Climate Pact ‘Broken’, Following New Assessment of NDCs
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.
DOF, other V20 finance ministers call for global finance reforms to manage debt, climate impacts
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.
V20 and G7 agree on financial protection cooperation, to formally launch Global Shield Against Climate Risks at COP27
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.
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, [...]