Global Shield against Climate Risks passes further milestone to better support the most vulnerable
oint press release of Vulnerable Group of Twenty (V20) and the German Ministry for Economic Cooperation and Development (BMZ), 25 May 2023 – The governing body of the InsuResilience Global Partnership decided on the Global Shield’s operating model today. This is a big step from the initial idea conceived one year ago, to agreeing on the concept and launching it last fall, to making the Global Shield fully operational now. The meeting took place on the sidelines of the African Development Bank Group Annual Meetings in Sharm el-Sheikh, Egypt. Leadership adopted the Global Shield Governance Structure, agreed on the details of the respective in-country processes and endorsed the framework for country prioritization. These decisions are crucial for effectively supporting vulnerable countries in responding to losses and damages from extreme weather events. They aim at systematic (focus on the most urgent needs), coherent (interplay of different actors and instruments) and sustained protection against climate risks for vulnerable countries and people.
Statement by the V20 Chair, H.E. Ken Ofori-Atta, Minister for Finance and Economic Planning of Ghana on the IPCC 6th Assessment Report on Climate Change
20 March 2023 –
The V20 Chair, H.E. Ken Ofori-Atta, Minister for Finance and Economic Planning Ghana released the following statement today ahead of the release of the IPCC 6th Assessment Report on Climate Change:
“This report clearly shows how the climate crisis will worsen our debt challenges while pushing our long-term sustainable development goals further out of reach. Big emitting countries must increase their mitigation ambitions by drastically decarbonizing their economies while increasing more significantly their financial obligations to the climate vulnerable states whose fortunes have been eroded by the effects of climate change – a situation created by the developed world.”
New World Bank leadership must put Climate Action as top priority
ACCRA, 27 February 2023 – Following the announcement of a change of leadership at the helm of the World Bank Group, the Chair of the Vulnerable Twenty Group of Ministers of Finance (V20) asserts that global development needs an international financial system that is fit-for-purpose given the prevailing climate crisis; and urges that the next head of the World Bank puts climate amongst its top priorities. Reacting to the resignation of the World Bank President, David Malpass, H.E. Ken Ofori-Atta, Hon. Minister for Finance of Ghana and V20 Chair, highlighted that “major reforms to the world’s international financial architecture are urgently needed to prevent the escalating climate crisis from overwhelming the global economy.”
He specifically called for change in the areas of debt; the shifting of financial flows to serve climate goals; and the need to mainstream climate risks in institutional surveillance. He demurred at the continual inequities in keeping to the 1.5C safety limit of the Paris Agreement.
SRI LANKA CLIMATE PROSPERITY PLAN
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.
A Joint G7 and V20 Ambition: Working towards a Global Shield against Climate Risks
25 Oct 2022 – Climate-fueled risks have driven up the cost of capital and debt to unsustainable levels, especially across climate vulnerable economies, worsening financial protection gaps. Increasing pre-arranged finance which disburses quickly and reliably before or just after disasters happen, and expanding instruments of financial protection for governments, communities, businesses, and households can lower the impact of disasters, make vulnerable countries’ economies more resilient, safeguard sustainable development, and protect lives and livelihoods of poor and vulnerable people.
The G7 in partnership with the Vulnerable Twenty Group (V20) of Finance Ministers from the most climate vulnerable countries want to help close the protection gap for poor and vulnerable people against climate-related losses and damages.
GEF climate adaptation funds to support V20 Group efforts to avert and minimize climate impacts
Washington DC, USA & Accra Ghana, 15 December 2022 – The GEF Climate adaptation funds support the V20’s funding program with $5.3 million for community-based adaptation activities and will also leverage funding from other sources including those that will provide complementary support to address loss and damage from climate change.
V20 and G7 jointly launch Global Shield against Climate Risks at COP27
Sharm El-Sheikh, 14 November 2022 – 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.
New Health Data Shows Unabated Climate Change Will Cause 3.4 Million Deaths Per Year by Century End
12 November 2022, Sharm el Sheikh – Unabated climate change will cause 3.4 million deaths per year by the end of the Century, new data presented to COP27 today shows. Health-related deaths of the over-65s will increase by 1,540%, and in India alone there will be 1 million additional heat-related deaths by 2090, if no action to limit warming is taken, the data shows. The data is part of the ‘Health Data Explorer’, published today and commissioned by the Lancet Countdown and the Climate Vulnerable Forum, a group of 58 developing countries highly vulnerable to climate heating.
Ghana and Sri Lanka Presidents call for accelerated liquidity and investments in Climate Prosperity Plans
Sharm El-Sheikh, 8 Nov 2022 – President Nana Akufo-Addo of the Republic of Ghana, Chair of the Climate Vulnerable Forum, and President Ranil Wickremesinghe of Sri Lanka today called on the international development community, in particular financial institutions, for accelerated investments in the Climate Prosperity Plans of countries most threatened by climate change. Sri Lanka launched its Climate Prosperity Plan during COP27 focussing mainly in raising its renewable energy production to 75% as well as modernizing its electricity infrastructure as a fundamental step towards shifting the country’s economic strategy.
Climate Vulnerability Monitor: Climate change causes loss and damage, unequally impacts vulnerable nations, and indiscriminately creates global crises
Accra, Ghana, 2 November 2022 – A flagship report entitled “Climate Vulnerability Monitor, 3rd edition: A Planet on Fire”, commissioned by the Climate Vulnerable Forum (CVF) and the Vulnerable Twenty (V20) Group of Ministers of Finance of the CVF presented stark proof that climate change impacts generate loss and damage, globally creating crises for society, human health, and development. Disclosing comprehensive new data on the impact of climate change, the report also highlighted the asymmetric consequences for a society that deepens global inequalities with poorer and more vulnerable nations the hardest hit.
Climate-vulnerable economies: Climate disasters and debt are a vicious cycle
16 Oct 2022, Washington DC – 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 Ministerial Communique
We, Ministers and Senior Representatives of the Vulnerable Twenty Group of Ministers of Finance (V20) from Africa, Asia, the Caribbean, Latin America, the Middle East, and the Pacific, representing economies most vulnerable to the adverse impacts of climate change, meeting in-person, as convened in Washington, DC for the International Monetary Fund and World Bank Annual Meetings in October 2022…
V20 and G7 agree on financial protection cooperation, to formally launch Global Shield Against Climate Risks at COP27
14 Oct 2022, Washington DC – 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.
V20 Debt Review: An account of debt in the Vulnerable Group of Twenty
Emerging market and developing countries (EMDs) are struggling to cope with the persistent presence of the COVID-19 pandemic, the global ramifications of Russia’s war in Ukraine, a growing climate crisis and rapid interest rate increases in advanced economies.
GO TO REPORT
Climate Vulnerable Economies Loss Report
Climate vulnerable countries are reeling from multiple crises – the debilitating impacts of Covid-19, significant debt distress, the prevailing fuel and food crisis driven by the Russia-Ukraine war, in addition to climate impacts. This report presents a unique study into the recent economic loss and damage suffered by the world’s most climate vulnerable economies – the members of the Vulnerable Twenty (V20) Group and Climate Vulnerable Forum (CVF).