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X-WR-CALNAME:V20: The Vulnerable Twenty Group
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BEGIN:VEVENT
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UID:MEC-f3e03b54a1b603f4ce5f16f1f84890ac@v-20.org
DTSTART:20240416T113000Z
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DTSTAMP:20240408T032600Z
CREATED:20240408
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PRIORITY:5
TRANSP:OPAQUE
SUMMARY:V20 Ministerial Dialogue XII
DESCRIPTION:[vc_row][vc_column][vc_single_image image=”22105″ img_size=”full” parallax_scroll=”no”][vc_column_text text_larger=”no”]\nV20 Ministerial Dialogue XII\nUnlocking Growth and Prosperity through Innovations in Climate Finance and Debt \nTuesday, 16 April 2024 | 5.30pm – 7pm ET\nWorld Bank Headquarters, Building MC, Board Room MC13-301\nWashington D.C., USA\nFinal Version 11 April 2024\n[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_column_text text_larger=”no”]12th Ministerial Dialogue of the V20 Finance Ministers \nPrincipal forum of the Finance Ministers of the Climate Vulnerable Forum (V20 Finance Ministers) co-hosted by the World Bank on the margins of the World Bank and the IMF Spring Meetings. This high-level dialogue of V20 finance ministers chaired by the Minister for Finance of Ghana (V20 Chair) with invited partners, including international organizations, the G7, G20, and G24, seeks to convene a dialogue on top concerns on climate change, in particular on finance for climate action and opportunity areas for collaboration and development in V20 member economies. The high-level dialogue will adopt a Communique encapsulating a call to action on new investment, debt solutions, and other macro-critical concerns to foster sustainable development, debt sustainability and prosperity through climate action in V20 member states.  \nBackground\nSince its formation in 2015, the V20 Finance Ministers of the Climate Vulnerable Forum (CVF)  has become a critical voice on climate finance, investment issues, and solutions-building. The CVF-V20 now spans 68 countries representing 1.74 billion people. The Spring and Annual Meetings of the World Bank and the IMF have been the key meeting opportunities for V20 Finance Ministers to coalesce and discuss actionable economic and financial strategies to survive and thrive on the frontline of the climate crisis.\nV20 member states face a polycrisis including the lingering socioeconomic effects of COVID-19, debt, energy, food security, health and climate change—all deeply connected to development prospects and prosperity of the 68 member states. V20 economies, in particular, face considerable macro-financial risks that can undermine debt sustainability, diminish fiscal space, and heighten cost of capital, among other effects. The contingent liabilities are increasing from growing extreme weather events, slow-onset events, and increasingly volatile and expensive fossil fuels that are unreliable to power economies. The key concern for V20 economies is new low-cost and long-term funding and immediate liquidity to deal with these converging crises.\nThe communiques adopted at the V20 Ministerial Dialogues in 2023 during the World Bank and IMF Spring and Annual Meetings highlighted the need to rewire the global financial system  within the current decade. Against the backdrop of a global climate emergency, the V20 launched the Accra-Marrakech Agenda (A2M) that calls for system-wide reforms to address macroeconomic concerns for dealing with climate chaos, ensuring liquidity and fiscal headroom that supports the transition of the development trajectory of climate vulnerable countries from vulnerability towards prosperity. The challenge for climate investment acceleration and implementation in CVF-V20 member states are debt instability and lack of fiscal space that are impeding the ability of many developing countries to invest.\nAs the world approaches the critical threshold of exceeding the 1.5 degrees Celsius limit set by the Paris Agreement, the upcoming two to three years are pivotal. It is essential that we act with urgency and determination to ensure a future where prosperity is safeguarded through resilience, biodiversity, debt sustainability, and climate stability. Collaboratively, we must foster a culture of building and progressing towards a common goal, as we champion the cause of ‘climate justice.’ This entails keeping responsibility and equity at the heart of international financial reform. Specifically, it involves channeling multi-billion dollar investments into ‘Climate Prosperity’ projects within member nations to actualize these ideals. Through collective effort, we will achieve success.\nObjectives \nThe V20 Ministerial XII aims to:\n\nBuild support across all stakeholders for official recognition by the IMF for V20 as an official group;\nBuild consensus on implementation opportunities of the Climate Prosperity Plans including through Country Platforms\nInform the actionable opportunities in the international financial reform agenda that reflect the needs of climate vulnerable economies as indicated in the Accra-Marrakech Agenda towards Bridgetown Initiative; and\nAdopt a V20 communique capturing the main concerns and call to action of the V20 Finance Ministers.\n\n \nOutcomes\nThe following key outcomes are envisaged from V20 Ministerial Dialogue XII:\n\nV20 Finance Ministers dialogue and discussions with MDBs, IFIs, international development partners including the G7, G20 and G24;\nEstablish official recognition of the V20 as an official group in the IMF; and\nAdoption of a high-level meeting communique highlighting shared challenges, opportunities and V20 efforts with partners, along with a call to action.\n\n \nFormat & Speakers\n90-minutes high-level, on record, ministerial roundtable event chaired by the Minister of Finance of Ghana and Chair of the V20 Group, co-hosted by V20 and the World Bank, with the following format:\n\nHigh-level opening\nAdoption of report from the V20 Senior Officials’ Meeting (for V20 members only)\nModerated Ministerial Roundtable (30 mins)\nClosing segment including adoption of Ministerial Dialogue Communique (for V20 members only)\n\nTentative list of speakers:\n\nChair of the V20, H.E. Mohammed Amin Adam, Finance Minister of Ghana\nIncoming CVF-V20 Presidency, H.E. Ryan Straughn, Minister of Finance of Barbados\nWorld Bank Senior Managing Director, Mr. Axel van Trotsenburg\nGCF Executive Director, Ms. Mafalda Duarte\nRepresentatives of Multilateral Development Banks\nV20 Ministers of Finance and Governors of the Central Banks\nV20 member Executive Directors and Senior Advisors\nRepresentatives from G7, G20 and G24\nRepresentatives from philanthropy and non-state actors\nPartners of the V20 accredited to the Spring Meetings\n\n \nOther logistical details:\n\nParticipation is for Ministers or Head of Delegation plus two guests.\nLive interpretation of the entire event will be available in English, French, Spanish, and Arabic.\nFood and refreshments will be available for all participants. Due to room restrictions, the food will be served outside the conference room.\n\n \nProvisional Program & Agenda \n\n\n\nItem\n\nHigh-Level Statements\n\n\nOpening Session\n40 minutes\n\nModerated by:\nH.E. Mohammed Amin Adam\nHon. Minister for Finance of Ghana and V20 Chair\n\n\nOpening Session on International Financial Reform and Climate Prosperity H.E. Ryan Straughn\nMinister of Finance of Barbados and incoming CVF-V20 presidency\nMr. Axel van Trotsenburg\nSenior Managing Director, World Bank\nMs. Mafalda Duarte\nExecutive Director, Green Climate Fund\n\n\n\n\n\nGroup Photo \n5 mins\n\nPhotographers to take photos with all delegates seated\n\n\nSummary of the Senior Officials’ Meeting \n5 mins\n\nChair of the V20 Senior Officials’ Meeting (Ghana)\nSummary readout of the meeting\n\n\nPerspectives from the CVF Secretary-General \n5 mins\n\nH.E. Mohamed Nasheed\nSecretary-General of the Climate Vulnerable Forum, former President of Maldives, founding Presidency of CVF\n\n\nMinisterial Session \n30 minutes\n\nH.E. Mohammed Amin Adam\nV20 Chair\nHon. Minister for Finance of Ghana and V20 Chair\nOpens and Chairs Ministerial Session \nMinisters/high-level delegates will have 3 minutes to share two action items relating to the guiding question below:\n(Maximum of 10 in the speakers list)\nMobilising the scale and quality of finance to meet the large, anticipated requirements in climate vulnerable countries will require an integrated approach that boosts all sources of finance – public and private, domestic, regional and international – and tackles issues of fiscal space, debt instability and cost of capital. With clear financing pathways established through V20 Climate Prosperity Plans, what immediate international financial  architecture reforms, programs or platforms can support the huge finance mobilization effort?\nHon. Ministers of Finance of the V20   \nHon. Ministers/High-Level Representatives from G-7, G-20 and G-24 (tbd)  \nHigh-level Multilateral Development Banks representatives, private sector, philanthropy and partners of the V20\n\n\nAdoption of V20 Communique and Closing\n5  minutes\n\nH.E. Mohammed Amin Adam\nHon. Minister for Finance of Ghana and V20 Chair\nH.E. Ken Ofori-Atta\nSenior Presidential Advisor on Finance and Special Envoy on International Investment and Capital Markets, Government of Ghana and former V20 Chair\n\n\n\n \nReference Documents\n\nClimate Prosperity Plans (link ( https://www.v-20.org/climate-prosperity-plans ))\nCVF Leaders Declaration (link ( https://www.v-20.org/wp-content/uploads/2023/09/CVF-Leaders-Declaration_Adopted-21-September-2023.pdf ))\nAccra-to-Marrakech Agenda (link ( https://www.v-20.org/accra-marrakech-agenda ))\nV20 Ministerial Dialogue X Communique (link ( https://www.v-20.org/v20-ministerial-communiqu%C3%89 ))\nV20 Ministerial Dialogue IX Communique (link ( https://www.v-20.org/activities/ministerial/ministerial-dialogue-ix-of-the-vulnerable-twenty-group-16-october-2022 ))\nV20 Ministerial Dialogue XI Communique (link)\nEmergency Coalition on Debt Sustainability and Climate Prosperity (link) ( https://www.v-20.org/our-voice/statements/group/v20-statement-on-emergency-coalition-for-debt-sustainability-and-climate-prosperity )\nClimate Vulnerability Monitor, Third Edition (CVM3) (link ( https://www.v-20.org/climatevulnerabilitymonitor ))\n2nd edition of the V20 Debt Review (to be added)\nClimate Vulnerable Economies Loss Report (link ( https://www.v-20.org/resources/publications/climate-vulnerable-economies-loss-report ))\nV20 Vision 2025 (link ( https://www.v-20.org/resources/publications/v20-vision-2025 ))\nThe International Monetary Fund, Climate Change and Development: A Preliminary Assessment (link ( https://www.bu.edu/gdp/2023/03/24/the-international-monetary-fund-climate-and-development-a-preliminary-assessment/ ))\nFinance for climate action: Scaling up investment for climate and development – Report of the Independent High-Level Expert Group on Climate Finance (link ( https://www.lse.ac.uk/granthaminstitute/wp-content/uploads/2022/11/IHLEG-Finance-for-Climate-Action-1.pdf ))\nReport of the Independent High-Level Expert Group on Climate Finance Climate Finance Framework (link ( https://www.lse.ac.uk/granthaminstitute/wp-content/uploads/2023/11/A-Climate-Finance-Framework-IHLEG-Report-2-SUMMARY.pdf ))\n\nV20 Membership\nThe CVF-V20 membership is comprised of 68 countries representing some 1.74 billion people and USD 3.8 Trillion in GDP from Afghanistan, Bangladesh, Barbados, Benin, Bhutan, Burkina Faso, Cambodia, Chad, Colombia, Comoros, Costa Rica, Côte d’Ivoire, the Democratic Republic of the Congo, Dominica, Dominican Republic, Eswatini, Ethiopia, Fiji, The Gambia, Ghana, Grenada, Guatemala, Guinea, Guyana, Haiti, Honduras, Jordan*, Kenya, Kiribati, Kyrgyzstan, Lebanon, Liberia, Madagascar, Malawi, Maldives, Marshall Islands, Mongolia, Morocco, Mozambique, Namibia, Nepal, Nicaragua, Niger, Pakistan, Palau, Palestine**, Papua New Guinea, Paraguay, Philippines, Rwanda, Saint Lucia, Samoa, Senegal, Sierra Leone, South Sudan, Sri Lanka, Sudan, Tanzania, Timor-Leste, Togo, Tonga, Trinidad and Tobago, Tunisia, Tuvalu, Uganda, Vanuatu, Viet Nam, and Yemen.\n*Pending further discussion. \n**As a UN non-member observer state.[/vc_column_text][/vc_column][/vc_row]\n
URL:https://www.v-20.org/events/v20-ministerial-dialogue-xii
CATEGORIES:featured events,Ministerial
LOCATION:Washington, DC
ATTACH;FMTTYPE=image/jpeg:https://www.v-20.org/wp-content/uploads/2024/04/1.-V20-MDXII_Event-Poster_Final1.jpg
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