V20 and G7 jointly launch Global Shield against Climate Risks at COP27

2022-11-16T09:55:33+08:0014 Nov 2022|Tags: , , , , , , , , , , , , , , , |

The Vulnerable 20 Group of Finance Ministers (V20) of 58 climate vulnerable economies and the Group of Seven (G7) today officially launched the Global Shield against Climate Risks, an initiative for pre-arranged financial support designed to be quickly deployed in times of climate disasters. Initial contributions include around EUR 170 million from Germany and more than EUR 40 million from other countries. In addition, a broad coalition of countries, multilateral institutions, non-state and private sector partners has underlined their full institutional commitment to Global Shield. The first recipients of Global Shield packages – called Pathfinder countries – include Bangladesh, Costa Rica, Fiji, Ghana, Pakistan, the Philippines and Senegal.

CVF Calls Glasgow Climate Pact ‘Broken’, Following New Assessment of NDCs

2022-11-14T08:54:53+08:0011 Nov 2022|Tags: , , , , , , , , , , , , , , |

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.

Sri Lanka Launches ‘Climate Prosperity Plan’ to Power Faster Economic Recovery and Achieve Net-Negative Carbon Emissions

2022-11-09T12:58:25+08:0009 Nov 2022|Tags: , , , , , , , |

This Preliminary Report presents Sri Lanka’s Climate Prosperity Plan: a national investment strategy to carve a pathway towards prosperity in a climate-insecure world. Sri Lanka’s Climate Prosperity Plan aims to maximise socio-economic outcomes and wellbeing for the population of Sri Lanka. To do so, the strategy focuses on unlocking the maximum domestic renewable energy potential and enhancing resilience through nature-based solutions and financial protection.

The Climate Crisis Is Driving Poorer Nations to Desperate Measures [The New Republic]

2022-10-24T09:51:11+08:0019 Oct 2022|Tags: , , , , |

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.

DOF, other V20 finance ministers call for global finance reforms to manage debt, climate impacts

2022-10-19T15:29:56+08:0019 Oct 2022|Tags: , , , , , , , , , , , |

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 Ministerial Dialogue IX: “When is Now?”] Climate-vulnerable economies: Climate disasters and debt are a vicious cycle

2022-10-17T12:29:41+08:0017 Oct 2022|Tags: , , , , , , , , |

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.

V20 and G7 agree on financial protection cooperation, to formally launch Global Shield Against Climate Risks at COP27

2022-10-17T10:37:38+08:0014 Oct 2022|Tags: , , , , , |

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.

Poorer nations face rising debt servicing costs in 2024 – report

2022-09-23T18:16:53+08:0023 Sep 2022|Tags: , , , , , , , |

Some of the nations most vulnerable to climate change face a sharp rise in debt service payments in the coming two years, hampering their ability to invest in climate proofing and shoring up their economies, a research report found. The Vulnerable Group of Twenty (V20) - a group of 55 economies exposed to the fallout from climate change - expect debt service payments to rise to $69 billion by 2024 - the highest level in the current decade, according to calculations from the V20 and the Boston University Global Development Policy Centre.

Mapping Report on Climate Change Laws and Policies in Climate Vulnerable Countries

2022-07-04T21:12:53+08:0030 Jun 2022|Tags: , , , |

The first detailed compendium of climate change laws and policies in 48 of the world’s 55 most climate vulnerable nations 30 June 2022, LONDON: Today the Climate Vulnerable Forum (CVF) and GLOBE International publish the first detailed compendium of climate change laws and policies in 48 of the world’s 55 most climate vulnerable nations. [...]

[REACTIVE] New V20 report reveals staggering climate-induced economic losses over last 20 years

2022-06-10T14:49:36+08:0009 Jun 2022|Tags: , , , , , , , , , |

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 [...]