4th V20 Ministerial Communique – Bali

V20 Ministerial Dialogue V – Nusa Dua, Bali, Indonesia

14 October 2018

Download the 4th Ministerial Communique (pdf, 0.1mb)

The V20 has renewed its commitment to promote ambitious efforts to address the global threat of climate change that is placing already severe economic and financial risks above all onto the world’s most vulnerable developing economies. Our economies – with rapidly emerging markets for over one billion people – remain high growth engines of the world economy, but the fragility of that growth is increasing due to climate change and associated transition risks.

 

As confirmed by the publication this month of the Intergovernmental Panel on Climate Change’s (IPCC) Special Report on 1.5 °C, limiting global warming to this level would actually provide for higher global aggregated economic growth, due to lower risks. The IPCC also confirmed that keeping global temperatures within this level remains a possibility but would require drastic and urgent emission reductions of about 45% and a 60-80% lower reliance on coal power by 2030 (based on 2010 levels). Warming of 1.5 °Cwould still substantially increase risks compared to today, while limits to adaptation would be reached in some areas.

 

According to a July 2018 UNEP-mandated report, developed further to the V20 Ministers’ focus on the development policy consequences of green financing, climate change risks could severely penalize V20 economies with 1 dollar of additional costs due to climate vulnerability for every 10 dollars paid in interest. That penalty will double within the coming decade due to rising climate risks with concrete negative consequences for our growth and development prospects. While seeking to unlock investment for ambitious climate action, we continue to face barriers to accessing international climate finance and higher financing costs compared with other economies which raises the investment bar for highly capital-intensive projects to increase our resilience and renewable energy. The resulting continued over-reliance in carbon intensive energy systems, and expansion of insufficiently resilient infrastructure, is building accumulated financial risks. In 2016, Ernst and Young indicated that already €86 billion in carbon-intensive utility assets were written off in Europe(2010-2014) – similar write-offs within V20 economies could severely impair economic stability and growth of our economies. There is a need to ensure macroeconomic stability with regard to addressing energy transition risks and opportunities and the stranding of carbon intensive investments.

 

The October 2018 IPCC Special Report on 1.5 °C indicated that annual investment of around 2.5% of the world GDP or 2.4 trillion US dollars (2016-2035) will be needed to keep warming within 1.5 °C, a level consistent with the survival and prosperity of V20 economies. We also confirm the IPCC view that directing finance towards investment to achieve this into infrastructure for climate resiliency and reduced emissions could provide additional resources, including the mobilization of private funds by institutional investors, asset managers and development or investment banks, as well as the provision of public funds. We recognize that government policies that lower the risk of low-emission and adaptation investments, and provide enabling environment for these, can facilitate the mobilization of private funds and enhance the effectiveness of other public policies. Sustainable development also supports, and often enables, ambitious climate action so that the pursuit of climate-resilient development pathways can help to eradicate poverty and reduce inequalities.

 

In order to hasten the urgently-needed acceleration global transition to climate resilient and low carbon development, we need to deepen international collaboration and cooperation. Building on dialogue already begun between the V20 and G20, and collaboration between these two groups in the context of the InsuResilience Global Partnership forClimate and Disaster Risk Finance and Insurance Solutions, the V20 is committed to pursuing stronger international economic and financial cooperation on climate change to further mutual interests. The scale, predictability and accessibility of international climate finance needs to be enhanced in order not to forgo opportunities for ambitious climate action by vulnerable developing countries that would benefit the world economy, and to unlock large-scale finance in support of this. Enhancing the capacities of V20 Ministries of Finance to address and engage in climate change efforts is also an urgent priority of this Group. We express thanks for assistance already provided to the V20 in that regard, and call on our development partners, including donors and Multilateral Development Banks to support our efforts to enhance such capacity particularly through South-South and triangular, as well as conventional technical, cooperation.

V20 Activities

 

  1. We congratulated Ethiopia for its presidency of the V20 Group and the Marshall Islands for assuming the chair.

 

  1. In furtherance of collaboration and cooperation between the V20 and G20, we pursued the following issues:
    • The forging of the InsuResilience Global Partnership as a concrete initiative between V20 and G20, and example of the type of international cooperation that could develop between V20 and G20 economies; and,
    • Convened the 2ndhigh level V20-G20 dialogue today, furthering and deepening discussion and collaboration, and deepened our discussions on the mutually identified interest areas of:
      • Increasing ambition of climate efforts and fostering exchange and capacity in support of this,
      • Alignment of financial flows and Multilateral Development Bank financing with Paris Agreement goals,
      • Implementation of the Financial Stability Board (FSB) Task Force on Climate-Related Financial Disclosures, and
      • Accelerating fossil fuel subsidy reform and support for V20 carbon pricing efforts.

 

  1. We welcomed the holding in Bali of the first V20 Joint Technical Committee on Multi-Country Financing Initiatives, and the development of two V20 initiatives towards applying innovation in climate finance in support of ambitious climate action:
    • The V20 Sustainable Insurance Facility; and
    • A V20 Accelerated Financing Mechanism for Maximal Resilience and 100% Renewable Energy.

We look forward to the further development of these initiatives, including to advance mutually held priorities together with partners, and encourage these to consider support towards their successful development.

 

  1. Building on the work of the V20 Focus Groups, with last meetings in Addis Ababa (August) and Bali (October):
    • V20 plans to step-up its advocacy and engagement to advance efforts on climate change;
    • V20 is developing a collective viewpoint on the status and development of international climate finance as a contribution towards more efficient and improved financial flows in support of climate action;
    • V20 is advancing with implementing domestic carbon pricing mechanisms and will foster exchange and capacity to further this work, with the support of partners;
    • V20 aims to enhance its tracking of climate change public expenditures and co-benefits;
    • Encouraged by the interest shown by V20 members in the Global Preparedness Partnership (GPP), a partnership between V20 and UN system partner agencies, we reiterate our call on international partners to ensure financial support towards the operational implementation and support for V20 members to reach a minimum level of disaster preparedness so that disaster events can be managed locally with reduced need for international assistance;
    • V20 will further study and promote International Financial Institution responses to ensure macroeconomic stability addressing energy transition risks and opportunities and the stranding of carbon intensive investments.

 

  1. We resolved to continue our V20 Regional Consultations towards improved understanding of member challenges and best practices in climate finance, and enhanced capacity to address these, building on Asia-Pacific, with planned 2019 meetings for Africa-Middle East in Addis Ababa, Ethiopia and for Caribbean-Latin America in Bridgetown, Barbados.

 

  1. We endorsed a V20 contribution to our Heads of State and Government towards a successful outcome of the Climate Vulnerable Forum Virtual Summit, and called upon World Leaders to fully engage with this critical activity towards enhanced political momentum for increased national efforts on climate change by all countries in 2020 if not before.

 

Climate Finance

 

  1. We highlighted the continued efforts of V20 member to work as pioneers in financing climate change action, and seeking to apply innovation in climate finance at home.

 

  1. We signalled our concern on the delivery of the US $100 billion 2020 collective commitment of the developed countries and continue to look forward to clarification on these countries’ addressing of the US withdrawal of the Paris Agreement and of related climate finance commitments, in addition to the extent of the Roadmap’s resources being new and additional.

 

  1. We highlighted the significance of the Green Climate Fund (GCF) and the criticality of its further replenishment and effective functioning and delivery on its mandate to promote a paradigm shift to low-emission and climate-resilient development, taking into account the needs of nations that are particularly vulnerable to climate change impacts. We underscored the importance of effective governance of the GCF and a more robust understanding of imbedding climate resilience with respect to long-term development policy and improvement of funding delivery as well as of innovative financing modalities.

 

  1. We signalled ongoing challenges with accessibility, transparency and predictability of international climate finance resources through different funds, channels and mechanisms, and called for continued and increased efforts to render such finance more compatible to the needs and capabilities of vulnerable developing countries and the imperatives of urgent action against climate threats.

 

  1. We reiterated our plea to ensure a 50:50 balance of international climate finance (between adaptation and mitigation) in the national contributions of donors and overall, highlighting the need for continued progress to ensure adequate finance is available to protect vulnerable people and economies from rapidly increasing climate change extremes and risks, enabling adaptation and promoting resilience and progress towards the Sustainable Development Goals.

 

 

We resolved to reconvene at Ministerial level at Washington, DC in April 2019 and to intensify our collaboration and implementation of the V20 Work Plan in the intervening period.

 

 

The Vulnerable Twenty Group of Ministers of Finance

 

Nusa Dua, Bali, Indonesia – 14 October 2018

 

2018 V20 High Level Events at Bali

V20 Ministers of Finance will convene in Bali, Indonesia for the V20 Ministerial Dialogue V and related preparatory events during 10–14 October 2018. The meeting advances the work program of the V20 initiative, under the new V20 president, Marshall Islands, will serve as a preparatory event for the 2018 Climate Vulnerable Forum Virtual Summit, and will resume high level dialogue between the V20 and G20.

The V20 serves as a dedicated and regular high-level forum of exchange and action led by the Ministers of Finance of economies systemically vulnerable to climate change.

The V20 High Level Events at Bali (October 2018):

  1. V20 Ministerial Dialogue V and 2nd V20 Dialogue High-Level Representatives of the G20): 9:00am – 10:30am on Sunday October 14 in Pecatu, Ground floor in BNDCC2 (Bali Nusa Dua Convention Center 2) (open to select observers).
  2. V20 Deputies/Senior Officials Meeting: 09:00am – 10:30am on Saturday, October 13 in Bougainville/Orchid, 1st floor, Westin Resort (closed meeting).
  3. V20 Working Group (V20 Focus Groups IV and 1st V20 Joint Technical Committee Meeting): 12:00pm – 2:00pm on Wednesday, 10 October 2018 in Uluwatu 5 Room – BNDC (closed meeting).

 

Participation in the fourth V20 Ministerial Dialogue is by invitation only and subject to registration for the World Bank and IMF Fall Meetings. Accredited media will be invited to attend a segment of the meeting.

 

Photo caption: 2018 IMF / World Bank Group Annual Meetings at Bali Indonesia, October 2018 (licence: CC BY-NC-ND 2.0) Photo Credit: World Bank.

 

 

V20 Meetings at Addis Ababa

The V20 held a series of meetings in conjunction with delegates of the Climate Vulnerable Forum meetings on Monday 27 and Tuesday 28 August 2018 in Addis Ababa, Ethiopia.

The meetings included the V20 Focus Group Meetings III, an inception discussion on the V20 Joint Technical Committee Meeting on Multi-Country Financing Initiatives, a joint CVF-V20 Troika Meeting, and a High Level CVF-V20 Presidency Handover Reception. The event saw the participation of V20 Delegates, CVF Delegates, Technical Partners and expert invitees. The presidency handover marked the conclusion of Ethiopia’s two-year presidency of the CVF and V20 and its handover to the Marshall Islands, now new CVF and V20 Chair.

Read the press release regarding the handover of chairmanship from Ethiopia to the Marshall Islands.

The meetings focused on reporting from the V20 Chair on progress on 2017-2018, the V20 Work Plan inclusive of the InsuResilience Global Partnership (IGP) and green finance. The meeting also discussed reporting from the CVF Chair on 2017-2018 activities.

Meeting Outcome Documents

Following the meeting, the following outcomes will be made available to V20 members/partners:

  • Summary Report of the V20 Focus Group Meetings III
  • V20 Focus Groups Key Milestones 2018-19
  • Summary Report of the CVF-V20 Troika Meeting
  • V20 Advocacy and Engagement Plan

 

V20 Ministerial Communiqué: Ministerial Dialogue IV

Ministerial Dialogue IV of the Vulnerable Twenty (V20) Group

23 April 2017 – Washington, DC

Download the Communiqué (English, PDF, 0.5mb)

Photos of the event (Flickr)

 

The V20 countries are both the world’s most vulnerable economies and the most promising ones in terms of growth potential. That potential, along with our and other countries’ very existence, is threatened by climate change. Faced with this challenge and a tremendous urgency for climate action, all financial flows, including those of multilateral development banks, should be aligned with the Paris Agreement, the 1.5 degrees Celsius temperature limit, and our members economies’ 100% renewable energy vision in support of sustainable development.

Insufficient resources for climate protection will only create economic instability. Investing in climate action, by contrast, is critical to inclusive development, job security and economic growth. This is an opportunity not just for the V20 economies but for the global economy as well.

The V20-G20 dialogue, initiated today, is an important engagement tool in that regard; one that highlights how climate action is mutually beneficial to different economies. We need to pursue and deepen this engagement with a spirit of international partnership along commonly held goals. It is time to act strategically to advance truly transformational programs that redesign nothing less than the investment agenda of the world economy.

V20 Activities

  1. We welcomed and confirmed five new V20 members and designated the Marshall Islands as the future Group Chair from October 2018.
  1. Towards the realization of the V20 Action Plan, members have begun efforts to mobilize a significantly higher level of financial resources for member climate action by 2020, commencing with a first Regional Consultation for the Asia-Pacific, held at Manila, Philippines on 8-10 March 2017. Further consultation efforts are planned, including the V20 Regional Consultations for the Caribbean and Latin America (July 2017) and Africa and the Middle East (September 2017).
  1. We have decided to establish a Task Force of independent experts to assess the financial requirements for climate action consistent with the Paris Agreement, with a view of delivering maximal resilience and low carbon development consistent with the 1.5 Celsius limit.
  1. The V20 Focus Groups on Advocacy and Partnerships, Climate Accounting and Risk convened in November 2016 at Marrakech, Morocco and in March 2017 at Manila, Philippines.
  1. We thank the Asian Development Bank, the United Nations Development Programme and the World Bank Group for its involvement in the V20 Regional Consultations to-date and encourage broad cooperation with Regional Multilateral Development Banks in the V20 Action Plan.
  1. Further to the 2017 V20 Disaster Risk Financing Workshops, we request the World Bank to provide V20 members with capacity building and financial support to develop their institutional capacity as a part of their broader fiscal risk management agenda and to provide financial and technical support to implement the activities of the V20 Focus Group on Risk.
  1. We endorsed the Framework Document for the Global Preparedness Partnership, and resolved to form a sub-committee to oversee its operationalization together with key partners.

 

Climate Finance

  1. V20 Members continue to pursue ambitious climate action and to pioneer innovation in climate change financing with leading global examples in renewable energy access, ecosystem services and micro-insurance solutions that have changed lives and expanded sustainability at scale.
  1. We urge the G20 countries to deliver their long-term low-emissions development strategies before 2020, and call on them to deliver ambitious climate change action as part of the G20 outcome in July. Pulling resources from climate protection will create economic instability. Investing in climate action is necessary and critical to inclusive development and economic growth.
  1. In a significant step, we have resolved to establish a technical committee to develop multi-country financing initiatives towards the advancement the V20 Action Plan and its aim of attaining a significant increase in climate investment in V20 countries through the member driven application of financial innovations in collaboration with our wide-ranging partners while leveraging finance in all its forms.
  1. Challenges and difficulties in accessing international climate change finance persist and continue to hold back the realization of national climate actions in vulnerable developing countries. Delivering the Paris Agreement will require financial flows to increase in both scale and predictability.
  1. We welcome the Roadmap presented by developed countries outlining a pathway to achieving their $100 billion per year joint climate finance mobilization target, which is the collective responsibility of all the developed countries to deliver on. We look forward to further clarification on the extent to which the Roadmap’s contributions will provide new and additional resources.
  1. We emphasize the criticality of the $100 billion commitment and the need to significantly upscale concessional financial means via Multilateral Development Banks for achieving transformational change in line with the Paris Agreement and its objective of limiting warming to no more than, if not well below, 1.5 Celsius.
  1. We reaffirm the need to increase prioritization of adaptation finance to ensure a 50:50 balance of finance for adaptation and mitigation by 2020, calling for continued scaling up of financial support in a balanced manner. We welcome those developed countries that have already achieved, or are nearly at, a 50:50 balance in their international climate change finance contributions between adaptation and mitigation. Today, these countries include Belgium, Germany, Ireland, Netherlands, Sweden and Switzerland, but we believe more can join them and we will celebrate those who do.

 

Financial System

  1. We welcome the recommendations from the Financial Stability Board Task Force on Climate-related Financial Disclosures, while highlighting that the compatibility with the 1.5 Celsius limit should be an integral part of what these disclosures address.
  1. We reaffirm the V20’s interest to engage in discussion and collaborate towards the effective implementation of the Task Force recommendations, as well as to work with UNEP Inquiry to further study the development policy implications of green finance and the Task Force’s recommendations.
  1. We call for market distorting fossil fuel production subsidies to be removed immediately and no later than 2020, and urge the G20 to set such a clear timeframe for fossil fuel subsidy elimination. Fossil fuel consumption subsidies need to be checked rigorously whether they provide an actual benefit to the poor, and subsequently should be replaced worldwide without harm to those relying on them for their basic energy needs.
  1. We call on the G20 to lead with the V20 in a drive towards ensuring all emissions are subjected to carbon pricing.
  1. Further to the V20 commitment to work to put in place carbon pricing mechanisms by 2025, we highlight the progress made by a number of members towards this end, and call for additional support from International Financial Institutions to assist the efforts of members in this respect.
  1. We agreed to continue to expand the dialogue with the G20 and our advocacy with international financial institutions. We shall reconvene in an expanded format in October 2017 in conjunction with the Annual Meetings of the International Monetary Fund and World Bank Group and will assure the economic and financial preparation of the 2018 Summit of the member states of the Climate Vulnerable Forum in conjunction with relevant government and other partners.

The Vulnerable Twenty Group of Ministers of Finance

Washington, DC – 23 April 2017

Spring 2017 V20 High Level Events

V20 Ministers of Finance Activities at Washington, DC – 22-23 April 2017

The Vulnerable Twenty (V20) Group of Ministers of Finance will reconvene during the 2017 Spring Meetings of the International Monetary Fund and World Bank Group to advance the climate change finance agenda of economies systemically vulnerable to climate change. The V20 Group will progress its 2020 Action Plan following the Regional Consultation for the Asia-Pacific at the Asian Development Bank, Manila, Philippines and the meetings of its Focus Groups on Advocacy and Partnerships, Climate Accounting and Risk.

Key meetings

V20 Ministerial Dialogue IV: Sunday 23 April, 8:30am–10:30am, Board Room MC13-121, World Bank Main Complex
Statements and documents available here.

[VIEW FULL AGENDA]

V20 Deputies/Senior Officials Meeting: Saturday 22 April, 9:30am–11:00am, Board Room MC4-800, World Bank Main Complex
For more information, please contact: secretariat@V-20.org
Photo caption: V20 Ministerial Dialogue III, Oct 2016; Source: CVF/V20; License: CC BY-NC 2.0

V20 Asia-Pacific Regional Meeting

V20 Asia-Pacific Regional Consultation and Workshop on Financial Protection against Climate and Disaster Risks

Asian Development Bank, Manila, Philippines, Wednesday 8 March – Friday 10 March 2017

Representatives of the V20 finance ministries from across the Asia-Pacific Region will convene in Manila from 8-10 March in the first of three Regional Consultations the Group plans to hold in 2017.
The 2017 V20 Regional Consultations provide an opportunity for V20 Members to share knowledge, strengthen external engagement and incubate innovative initiatives building on national climate finance experiences. The Consultations will inform the V20’s Ministerial Dialogues and are central to the Group’s Implementation Work Plan and objective of fostering increased investment in climate resiliency and low emissions development in member economies by 2020. Each Regional Consultation brings together senior officials from V20 ministries of finance, international and regional development banks, international organizations, and other stakeholder groups. The event is being held in conjunction with meetings of the V20’s Focus Group Co-Chairs on the topics of advocacy and partnerships, climate accounting, and risk.
A workshop on financial protection against climate and disaster risks will also take place during the Manila V20 regional conference as co-organized co-organized with the Disaster Risk Finance and Insurance Program, which is a joint program of the World Bank Group and the Global Facility for Disaster Reduction and Recovery (GFDRR), together with the Asian Development Bank. The workshop will provide an overview of the different financial protection instruments available to manage climate disaster risks and showcase case studies on disaster risk financing from across the globe.
Photo Caption: View of the Asian Development Bank building in the Philippines.; Photo Credit: Asian Development Bank; License: CC BY-NC 2.0

V20 Chair Appeal to German G20 Presidency on Climate Change

V20 Chair Appeal to German G20 Presidency on Climate Change

Opinion Editorial by H.E. Mr. Abraham Tekeste, Minister of Finance and Economic Cooperation of Ethiopia, for the Frankfurter Rundschau
Read the original article (German, external link)
After the paradigm-shifting year of 2015, with the Agenda 2030 and the Paris Agreement, it is now time for the G20 economies to put their money and action where their mouth is: to limit global warming to 1.5° requires immediate action everywhere. The survival of the most vulnerable countries depends on it.
As a group of 43 vulnerable countries, the V20 under the leadership of Ethiopia is willing to act at home, reducing emissions, investing in resilience and putting a price on carbon. However, we also need the world’s largest and most powerful countries to continue their effort. They can do that by scaling up financial support and improving the accessibility and predictability of international finance for both climate change activities and development assistance. Developed countries’ financial contributions must significantly increase to Funds that are established to support the concrete adaptation and urgent and immediate needs of developing countries such as the Least Developed Countries Funds (LDCF) and the Adaptation Fund, which are focusing on the most vulnerable, and the Green Climate Fund. This would better equip the developing countries who face financial hurdles to implement their NDCs and countries to collectively achieve the sustainable development goals (SDGs). The German G7 presidency has shown great leadership and played a vital role in putting the need to decarbonize the global economy on the global agenda. Now all eyes rest on Angela Merkel who can show the same leadership during the upcoming German G20 presidency.
For vulnerable countries, the 1.5°C limit is a matter of survival. To hold global warming below that threshold, immediate and swift action by the major polluters is needed. It is of utmost importance that the G20 nations, who are responsible for approximately 85% of global CO2 emissions, develop long-term low greenhouse gas development strategies, as soon as possible, to guide a shift of investment from brown to green and avoid a dangerous and costly lock-in. With its own 2050 climate protection plan, Germany has shown the world how such strategies could be developed. Even if the plan will need further strengthening to be compatible with the 1.5°C limit, it provides an important signal to the global community and to companies and investors that Germany is serious about the path to decarbonization. Next year, Chancellor Merkel now should convince as many of her G20 partners as possible to develop and submit their national 2050 strategies by 2018, in order to inform the global stock take and enable a lifting up of ambitions.
Similarly, businesses need to develop decarbonisation plans, and should undergo stress-testing showing how well they are equipped for a 1.5°-world, and the policies leading towards it.
Infrastructure is vital for sustainable development. There is a huge gap in financing infrastructure in both developing and industrialized countries. The world’s energy and transport infrastructure, but also buildings sector has to be developed in a sustainable, climate resilient manner in order to minimize damages from climate change and provide important services to all people without adding more and more emissions. Investments by international financial institutions and multilateral development banks need to be aligned with the 1.5°C limit – criteria need to be developed and applied that fosters green investments and also stops public money from flowing into old technologies that harm the climate when green opportunities for growth and resilience are available.
It is hard for green technologies to compete in a marketplace where climate finance is marginal and subsidies for fossil fuels are hundreds of billions of dollars a year. We need to change that for the green economy to thrive. Carbon pricing mechanisms are one effective way of shifting the market dynamics to work for the green economy by forcing market actors to account for climate externalities not currently affecting corporate decision-making. Such tools could provide revenues that could be used for investments in low-carbon, climate resilient infrastructure both domestically and, for example through a share-of-proceeds approach for financing much-needed sustainable infrastructure in developing countries. However, the vulnerable countries are going to require significant assistance in capacity and institution building support in order to effectively put in place such market-based tools. It would also make great sense to invest in our South South cooperation so that those vulnerable developing countries that are already making heawdway on such topics, can help the others among us who are just starting out with such initiatives. The 20 billion yuan ($3 billion US) contribution of China to support South South to support climate change adaptation and low carbon efforts of developing countries is a vital contribution that other G20 economies can help to complement.
Germany has already announced there will be a particular focus on Africa during its presidency. This is welcome as our continent is particularly vulnerable to the impacts of climate change. We would like to offer a partnership to Germany and its G20 countries to help insure the most vulnerable countries against climate change and to rapidly develop renewable energy in vulnerable countries around the world and across Africa. Under its G7 presidency, Germany has announced support both for climate insurance mechanisms (InsuResilience) and for renewable energy in Africa. The G20 presidency is an opportunity to further develop and grow theses initiatives and make sure they benefit first and foremost the poorest and most vulnerable. We stand ready to discuss these issues with the G20 presidency just as we are moving to invest the resources at our disposal towards advancing climate-resilient and renewable-powered development.
We would encourage the German G20 presidency to start a formal G20-V20 dialogue where we can work on these pressing issues together in the spirit of cooperation.

V20 Focus Groups to Convene in Marrakech

V20 Focus Groups to Convene in Marrakech

V20 Focus Group Meetings

What: The first meetings of the V20 Focus Groups on Climate Accounting, Advocacy and Partnerships, and Risk (Pooling) that were established in the 2nd V20 Ministerial Communique in April 2016.
When: Thursday 17 November 2016
Where: CVF Delegation Space, Blue Zone, UNFCCC COP22, Bab Ighli at Marrakech, Kingdom of Morocco
Who:
  • Ethiopia, V20 Chair
  • Costa Rica and Nepal, Climate Accounting Co-Leads
  • Bangladesh and Marshall Islands, Advocacy and Partnerships Co-Leads
  • Philippines and Barbados, Climate Risk Co-Leads (tbc)
  • Representatives from the World Resources Institute, Climate Analytics, HSBC, Swiss Re, BMUB, GEF, World Bank, IDF, Munich Re
Provisional Programme (pdf, 0.1mb)

V20 to hold 3rd Ministerial Dialogue

V20 High-Level Meeting at 2016 Annual Meetings of the World Bank Group and IMF

6 October 2016, Washington, DC
V20 Ministers of Finance will convene in Washington DC for the third V20 Ministerial Dialogue on 6 October 2016. The meeting will mark the transition of presidencies from the founding Chair, Philippines, to Ethiopia, who assumed the Chair of the Climate Vulnerable Forum (CVF) in August 2016. The event will present updates on key initiatives launched by the V20, including the Global Preparedness Partnership. It will also facilitate the sharing of presentations from members on national experiences of climate finance. The Dialogue is expected to conclude with presentations from the three V20 Focus Groups established in the 2nd V20 Ministerial Dialogue in April 2016, outlining next steps in the areas of Advocacy and Partnerships, Climate Accounting and Risk.
Participation in the 3rd V20 Ministerial Dialogue is by invitation only and subject to registration for the World Bank and IMF Spring Meetings. Accredited media will be invited to attend a segment of the meeting.
Photo Caption: World Bank Main Complex Building Photo Credit: World Bank CC BY-NC-ND 2.0

Fiji’s Statement: World Humanitarian Summit Roundtable

High-Level Leaders’ Roundtable: Natural Disasters & Climate Change: Managing Risks and Crises Differently

24 May 2016 (9:00 am to 11:00 am) Beyazit Hall, B-2 Floor, ICC, Istanbul, Turkey
Hon. Inia Seruiratu, Minister for Agriculture, Rural and Maritime Development and National Disaster Management, Fiji
Download the Statement (Pdf, English, 0.1mb)
Fiji is giving enthusiastic support to the Vulnerable 20’s Global Preparedness Partnership, given our recent experience dealing with a severe natural disaster in the form of Tropical Cyclone Winston.
We had been satisfied with our own preparedness and response to the previous event – Cyclone Evan at the end of 2012 – in which no Fijian lives were lost despite the widespread destruction it caused to homes and infrastructure. But we are the first to acknowledge that Cyclone Winston three months ago stretched our resources to breaking point. And while the effectiveness of Fiji’s overall response has been praised by our development partners, we realise that we need to do a lot better next time. And we need the support of the global community through this initiative to do so.
Winston’s crushing strength – a Category 5 event with winds of more than 300 kilometres an hour – made it the most powerful cyclone ever to make landfall in the southern hemisphere. Despite our best efforts, 44 Fijians were killed, 40,000 homes were damaged or destroyed, along with public buildings and infrastructure. And it has left us with a damage bill of 1.4 billion US dollars that will take many years to repair.
We were extremely fortunate to have our own relief effort reinforced so quickly and effectively by our friends in the region and the rest of the world. And especially the hundreds of military personnel from Australia, New Zealand, France and Tonga – backed up by warships and aircraft – who were able to assist Fijian relief workers cope with the vast challenge Winston presented.
We are extremely grateful to these nations and others – notably India, China, Korea and the UAE – that undertook airlifts of relief supplies or gave donations in cash or in kind. But the scale of this disaster has been a sobering lesson to us all of the inadequacy of our current preparedness and the acute need to upgrade our response to future events.
Fiji is now going to the world appealing for access to the finance we need to rebuild our homes and infrastructure to a much higher standard to  withstand such events. And we are revaluating our disaster preparedness for a new era in which the scientists tell us that we can expect stronger and more frequent cyclones because of climate change.
Fiji urges the community of nations to embrace the V20’s Global Preparedness Partnership to provide the funding we need to prepare for future disasters. The world must set aside enough resources to deal with the new frightening new era that is dawning on small and vulnerable nations because of extreme weather events and rising sea levels. And I am here to testify that if any example is required of the urgent need to implement this initiative, Fiji’s experience with Winston is it.
Photo Caption: The High-Level Leaders’ Roundtable on “Managing Risks and Crises Differently.” Photo Credit: World Humanitarian Summit via Flickr. Photo Licence: CC BY-ND 2.0