As the United States and the world lurch toward a recession, the poorest and most vulnerable countries face a seemingly impossible set of circumstances. The group of 58 climate-vulnerable countries known as the V20 have lost 20 percent of their combined gross domestic product this century due to climate damages, according to a recent report. Meanwhile, these poorer countries also face rising food and commodity costs, the devastating effects of Covid-19, and ongoing vaccine apartheid. As the Federal Reserve moves to raise interest rates in the name of combating inflation, V20 nations appear to be reaching a breaking point. “The climate crisis is the debt crisis,” said Sara Jane Ahmed, finance advisor to the V20.
[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.
by Eric Roston | September 3, 2021 | Published by Bloomberg Green | READ THE STORY HERE After surviving an assassination attempt in May, Mohamed Nasheed speaks out for democracy and debt restructuring. Mohamed Nasheed, speaker of the Maldives parliament and a former president of the island nation, was injured in May when a bomb [...]
BBC News' Business Daily program coverage of the Vulnerable 20 (V20) Group of Finance Ministers' Climate Vulnerable's Finance Summit, featuring an interview with Speaker of the Parliament and Former President of the Maldives Mohamed Nasheed, aired last July 9, 2021. Reposted from the BBC website. Listen to the full program here.