The Vulnerable Twenty (V20) Group of Ministers of Finance of the Climate Vulnerable Forum is a dedicated cooperation initiative of economies systemically vulnerable to climate change. The V20 works through dialogue and action to tackle global 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.
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. It foresaw a high-level policy dialogue pertaining to action on climate change and the promotion of climate resilient and low emission development with full competence for addressing economic and financial issues beyond the remit of any one organization.
Costa Rica Action Plan of the Climate Vulnerable Forum (pdf, 0.3mb)
OUR PURPOSE OUTLINED IN THE
CONTEXT OF V20 INCLUDE
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
Engage in joint advocacy and other collective actions
HISTORY
Timeline
Ethiopia to Marshall Islands Handover Ceremony: Addis Ababa, Ethiopia, August 2018
CVF/V20 Addis Ababa, Ethiopia, August 2018
V20 setup independent Secretariat, 2019
Agreement to move forward on Sustainable Insurance Facility and Financing Mechanism, 2020
1st Climate Vulnerables Finance Summit incl. Climate Prosperity Agenda
Setup of Task Force on Climate Development and the IMF with G24
Sustainable Insurance Facility becomes operational with implementation in the Philippines and Fiji
Signing of Global Risk Modelling Alliance Agreement between V20 and Insurance Development Forum for Risk Analytics
Mujib Climate Prosperity Plan launched in COP26
Ghana assumes Presidency
FOUNDING DOCUMENTS
The founding documents of the V20 include:
V20 Design Document
Framing the purpose, role and functions/operations of the V20
V20 Action Plan
A 5 year plan of activities that the V20 aims to undertake
V20 Communique
First joint statement of the V20
V20 Implementation Work Plan
Describes the principal activities, approach, partnerships and objectives for the realization of decisions and ambitions of the V20
MANAGING PARTNER
OTHER PARTNERS
