Advancing Climate Prosperity: Building a Resilient Global Financial Architecture for the Climate Vulnerable

Thursday, September 21, 2023 | 10:30 am – 11:30 am ET

Venue: Conference Room 7, United Nations Headquarters, New York & Virtual Platform

Background

The Climate Vulnerable Forum (CVF) and the V20 Finance Ministers are convening a high-level leaders’ meeting during the 78th Session of the United Nations General Assembly (UNGA) in New York. The event will galvanise momentum behind the Accra-Marrakech Agenda (A2M) and the Bridgetown Initiative 2.0 with climate vulnerable countries committing to increased inter-government collaboration to drive and accelerate the transformation agenda creating a global financial architecture that caters to the needs of the climate vulnerable and addresses debt
sustainability. While there are other coalitions in the climate and development space around key policy objectives, there is none like the CVF, with 68 member states representing 1.7 billion people. Our collective voice is an opportunity to drive and realize deeper global transformation.

The meeting will also take the opportunity to update the membership on progress regarding the establishment of an independent Secretariat for the CVF and the V20 Finance Ministers. It will also seek members’ input into the process. The establishment of an independent Secretariat is to ensure the coalition has a legal form that enables the mobilisation of more resources to support member states in the development and implementation of their climate prosperity objectives and goals while providing policy guidance, facilitating access to financial resources for adaptation and loss and damage, building the capacity of member states, and empowering them to effectively navigate challenges posed by climate change.

Objectives

The meeting will emphasise the importance of climate vulnerable countries setting the agenda
for the development of a global financial architecture that is climate resilient, while catering to
the needs of the most vulnerable communities.
The meeting will focus on the following themes, providing a comprehensive platform for
discussion and decision-making towards the 2023 Annual Meetings of the World Bank Group
and the International Monetary Fund in Marrakech, Morocco; and the 2023 United Nations
Climate Change Conference (COP28) in Dubai, United Arab Emirates, including a Leaders’ Declaration:
1. Representation in Global Governance. Climate vulnerable countries and vulnerable groups
  need representation in deliberations and decision-making that influence monetary and
  development policies within the Bretton Woods Institutions and other strategic arenas;
2. Scale-Up Accessible Finance with urgency. The 1.5ºC “survival” goal of the Paris
  Agreement, 30×30 Global Biodiversity Framework1, and Sustainable Development Goals
  (SDGs) will require a tripling of multilateral development bank resources while enabling
  regional institutions and strategies to crowd in private sector participation to deliver USD 1
  trillion per year. This includes the need to mobilise an ambitious share of world gross
  domestic product (GDP) to secure a sustainable future for the global economy amid an
  escalating climate emergency, and a shifting of financial resources away from what
  undermines the fight against climate change;
3. Debt Sustainability. The V20 has accumulated a total of USD 686 billion in external public
  debt. This amounts to 27 percent of the Group’s GDP. Addressing the debt burden and
  immediate liquidity needs of climate vulnerable countries is critical to achieve financial
  stability and enable capacity to undertake necessary climate, SDG, and biodiversity
  investments;
4. Just Energy Transition. Advocating for an equitable and inclusive energy transition that
  supports sustainable development goals while modernising infrastructure and expanding
  job opportunities;
5. Adaptation and Loss & Damage. Adaptation continues to fall short even as 55 CVF
  economies registered USD 525 billion in climate-related losses from 2000 to 2019. It’s time
  to strengthen resource mobilisation for adaptation efforts and to address loss and damage
  incurred by climate vulnerable countries due to climate-related disasters and growing
  climate-fueled risks; and
6. Protecting Economies from Climate Impacts. Developing climate risk management
  strategies to shield economies of vulnerable nations from the negative consequences of
  climate change through pre-arranged and trigger-based funding and tools.
The meeting will also deliberate the draft Leaders’ Declaration of an independent Secretariat for
the CVF and the V20 Finance Ministers, exploring its structure, functions, and funding
mechanisms amongst others.

Participants

The meeting will be open to leaders and ministers from CVF member states, as well as leaders from
other climate conscious nations, relevant stakeholders, international organisations, and civil society
representatives.

Expected Outcomes

Enable strong support from member states to establish a climate-resilient global financial
architecture;
Secure commitment to prioritise debt sustainability, just energy transition, adaptation, and loss
& damage, and scaling accessible finance in global climate finance strategies;
Strengthen international cooperation and leader level collaboration to ensure climate prosperity
for all;
Review and align around the Leaders’ Declaration of the independent Secretariat for enhanced
inter-government collaboration; and
Adopt and deliver the Leaders’ Declaration.

Key Speakers

Esteemed leaders from climate vulnerable countries and key partners will attend the meeting as
keynote Speakers and Supporters of the CVF and the V20 Finance Ministers Agenda.

Format

The meeting will be a hybrid event with 40+ countries represented by Heads of State/ Government,
Ministers, and/ or Ambassadors, plus one or two more representatives.

Provisional Agenda (1.5 hours max.)

Pre-Meeting
*Attended by Heads of State/ Government only

Pre-Meeting (30 minutes prior to start of session)
- Heads of State/ Government
Part One
*Broadcasted starting at 10:30AM
Welcome and Opening Remarks by the Chair of the CVF (5 minutes)
- His Excellency Nana Addo Dankwa AKUFO-ADDO, President of Ghana and Chair of the CVF
Keynote addresses by the CVF and the United Nations (5 minutes each)
- Her Excellency Mia MOTTLEY, Prime Minister of Barbados
- His Excellency Dr. Ariel HENRY, Prime Minister of Haiti
- His Excellency Ranil WICKREMESINGHE, President of Sri Lanka
- Her Excellency Amina MOHAMMED, Deputy Secretary-General, United Nations and Chair of the United Nations Sustainable Development Group
Presentation of Leaders’ Declaration (5 minutes)
- His Excellency Ken OFORI-ATTA, Minister for Finance of Ghana and Chair of the V20
FOR ADOPTION BY CVF MEMBERS: CVF LEADERS’ DECLARATION
Reactions from Partners (2 minutes each)
- Her Excellency Chrysoula ZACHAROPOULOU, Minister of State for Development, Francophonie and International Partnerships, France
- The Right Honourable the Lord Tariq AHMAD of Wimbledon, Minister of State for the Middle East, North Africa, South Asia and United Nations at the Foreign, Commonwealth & Development Office, United Kingdom
- The Right Honourable the Lord Mark MALLOCH-BROWN, President of the Open Society Foundations (OSF)
Presentation: Expected Outcomes towards Marrakech and Dubai (10 minutes)
- His Excellency Ken OFORI-ATTA, Minister for Finance of Ghana and Chair of the V20
Closing Remarks and Pledge for Climate Prosperity
- His Excellency Nana Addo Dankwa AKUFO-ADDO, President of Ghana and Chair of the CVF
Part Two
*Closed to Members attending in-person and virtually
Any other business with member states