The Climate Crisis Is Driving Poorer Nations to Desperate Measures [The New Republic]
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.
Celebrating stories of hope and good trouble: Int’l climate anthology ‘Harvest Moon’ feted in Washington, DC
We need stories of hope and ‘good trouble’ to animate and enliven climate movements around the world, according to policy groups, philanthropists, artists, and activists who gathered yesterday in the Busboys and Poets bookstore and cultural hub to celebrate the publication of the international climate anthology Harvest Moon: Poems and Stories from the Edge of the Climate Crisis (2021).
Poorer nations face rising debt servicing costs in 2024 – report
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.
Vulnerable countries and international partners announce collaboration to climate-proof economic growth
Washington DC, 11 April 2019 — Finance Ministers from V20 Group of vulnerable economies today announced new financial instruments in collaboration with international partners at the Spring Meetings of the World Bank Group and International Monetary Fund to ensure continued global economic growth in the face of increasing threats from climate change. The group aims to lower the cost of capital and unlock large capital inflows to climate-proof the economic development of at least 1 billion people living in some of the fastest-growing regions, but are exposed to severe climate impacts. “Shortfalls in decisive action persist despite the blueprint [...]
Vulnerable economies call for accelerated financial shift
Bali, 14 Oct 2018 – Finance Ministers from the V20 Group of climate vulnerable countries today sought large-scale changes to global finance flows, saying the funding shift needs to happen sooner, covering far larger amounts that can help protect economies from the worsening impacts of climate change. Convening at the World Bank-IMF Meetings in Bali, V20 countries said “the need to unlock investments for ambitious climate action is not only urgent but an absolute necessity given combined impacts from economic and climatic threats.” In its official communique, the group expressed fear that continued over-reliance on carbon-intensive energy systems is [...]