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.
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).