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Climate change wiped out fifth of vulnerable countries’ wealth over last 2 decades – report V20 group of 55 economies reinforce demands for international funding for loss and damage
BONN, Germany, 8 June 2022 – The V20 Group of Finance Ministers from climate vulnerable economies are calling for the immediate establishment of a separate and dedicated international funding for loss and damage crisis-level adaptation action. A V20-commissioned report launched today alongside the UN climate talks in Bonn, Germany, shows how climate change has already eliminated one fifth of the wealth of these countries, or 525 billion USD, over the last two decades.
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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).
GO TO REPORT
Climate change wiped out fifth of vulnerable countries’ wealth over last 2 decades – report V20 group of 55 economies reinforce demands for international funding for loss and damage
Climate-vulnerable economies in a ‘financial death trap’ due to lack of internationally supported national climate initiatives
V20 Ministerial Communique VIII
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Climate change wiped out fifth of vulnerable countries’ wealth over last 2 decades – report V20 group of 55 economies reinforce demands for international funding for loss and damage
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EXPLORE V20'S WORK
AND IMPACT IN 2019
Background
The call to create the V20 originated from the Climate Vulnerable Forum’s Costa Rica Action Plan (2013-2015) in a major effort to strengthen economic and financial responses to climate change.
Establishment
The Vulnerable Twenty (V20) Group was established with the inaugural meeting of the V20 Ministers of Finance of the Climate Vulnerable Forum chaired by H.E. Cesar V. Purisima, Secretary of Finance of the Philippines, on 08 October 2015 at Lima, Peru in conjunction with the 2015 Annual Meetings of the World Bank Group and International Monetary Fund.
Purpose
Promote the mobilization of public and private climate finance, Share and exchange best practices on economic and financial aspects of climate action, Develop new and improved approaches to climate finance and Engage in joint advocacy and other collective actions.
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Current Events
55 COUNTRIES STAND TOGETHER
TO FIGHT CLIMATE CHANGE
MANAGING PARTNER
Global Center On Adaptation
OTHER PARTNERS
UNEP FI Principles for Sustainable Insurance
Climate Insurance Initiative
InsuResilience Global Partnership
World Bank Group/GFDRR
