The third Ministerial Dialogue of the Vulnerable Twenty (V20) Group called for a clear roadmap for raising US$100 billion in additional financing to build resilience to climate impacts in countries most vulnerable to climate change.
6 October 2016: The third Ministerial Dialogue of the Vulnerable Twenty (V20) Group called for a clear roadmap for raising US$100 billion in additional financing to build resilience to climate impacts in countries most vulnerable to climate change.
The V20 Group of Finance Ministers, which are members of the Climate Vulnerable Forum (CVF), meet on the sidelines of the fall Meetings of the World Bank and the International Monetary Fund (IMF). The meeting provided an opportunity for V20 members to report on national experiences and receive updates on key V20 initiatives such as the Global Preparedness Partnership (GPP). The meeting also marked the transition of the V20 Presidency from the Philippines to Ethiopia.
Speaking for the outgoing Presidency, Carlos G. Dominguez, Philippine Secretary of Finance, reported on V20 achievements to date, including: raising awareness of the special plight of the most vulnerable countries and creating a forum to address fiscal responses to climate change and economic and financial cooperation; challenging the existing financial system with the group’s ambitions; exploring innovative ideas for addressing climate risk; and providing a forum to address common climate-related accounting work. He called for more effort to involve the rest of the world in developing a roadmap for raising US$100 billion in additional financial flows to support V20 countries by 2020.
Speaking for the incoming Presidency, Mohammed Abdulaziz, Ethiopian Minister of Finance and Economic Cooperation, stressed work in the areas of advocacy and partnerships, climate accounting and climate risk. He also noted the need for the V20 to provide leadership for the interests of vulnerable countries during the 22nd session of the Conference of the Parties to the UNFCCC to be held in November 2016 in Marrakesh, Morocco and meetings of the Group of 20 (G20).
Regarding the GPP, participants discussed the partnership’s positioning and linkages with existing related preparedness initiatives, including options for the GPP funding mechanism, and next steps, including a side event during the upcoming UNFCCC COP 22.
The CVF is a partnership of 43 developing countries that are highly vulnerable to the impacts of climate change. It serves as a South-South cooperation platform for member countries to coordinate action on climate change. Members of the CVF are also part of the V20 group of finance ministers of vulnerable countries. The third V20 Ministerial Dialogue was held 6 October 2016.
Members include the following countries: Afghanistan, Bangladesh, Barbados, Bhutan, Burkina Faso, Cambodia, Comoros, Costa Rica, Democratic Republic of the Congo, Dominican Republic, Ethiopia, Fiji, Ghana, Grenada, Guatemala, Haïti, Honduras, Kenya, Kiribati, Madagascar, Malawi, Maldives, Marshall Islands, Mongolia, Morocco, Nepal, Niger, Palau, Papua New Guinea, Philippines, Rwanda, Saint Lucia, Senegal, South Sudan, Sri Lanka, Sudan, Tanzania, Timor-Leste, Tunisia, Tuvalu, Vanuatu, Viet Nam and Yemen. [V-20 Press Release] [Ministerial Dialogue Statements and Speeches] [Opening Statement: Philippines] [Opening Statement: Ethiopia] [GPP Overview] [CFV/V-20 Website]