V20 Ministerial Dialogue XII

V20 Ministerial Dialogue XII

Unlocking Growth and Prosperity through Innovations in Climate Finance and Debt 

Tuesday, 16 April 2024 | 5.30pm – 7pm ET
World Bank Headquarters, Building MC, Board Room MC13-301

Washington D.C., USA

Final Version 11 April 2024

12th Ministerial Dialogue of the V20 Finance Ministers 

Principal 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.  

Background

Since 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.

V20 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.

The 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.

As 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.

Objectives 

The V20 Ministerial XII aims to:

• Build support across all stakeholders for official recognition by the IMF for V20 as an official group;
• Build consensus on implementation opportunities of the Climate Prosperity Plans including through Country Platforms
• Inform 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
• Adopt a V20 communique capturing the main concerns and call to action of the V20 Finance Ministers.

Outcomes

The following key outcomes are envisaged from V20 Ministerial Dialogue XII:

• V20 Finance Ministers dialogue and discussions with MDBs, IFIs, international development partners including the G7, G20 and G24;
• Establish official recognition of the V20 as an official group in the IMF; and
• Adoption of a high-level meeting communique highlighting shared challenges, opportunities and V20 efforts with partners, along with a call to action.

Format & Speakers

90-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:

• High-level opening
• Adoption of report from the V20 Senior Officials’ Meeting (for V20 members only)
• Moderated Ministerial Roundtable (30 mins)
• Closing segment including adoption of Ministerial Dialogue Communique (for V20 members only)

Tentative list of speakers:

• Chair of the V20, H.E. Mohammed Amin Adam, Finance Minister of Ghana
• Incoming CVF-V20 Presidency, H.E. Ryan Straughn, Minister of Finance of Barbados
• World Bank Senior Managing Director, Mr. Axel van Trotsenburg
• GCF Executive Director, Ms. Mafalda Duarte
• Representatives of Multilateral Development Banks
• V20 Ministers of Finance and Governors of the Central Banks
• V20 member Executive Directors and Senior Advisors
• Representatives from G7, G20 and G24
• Representatives from philanthropy and non-state actors
• Partners of the V20 accredited to the Spring Meetings

Other logistical details:

• Participation is for Ministers or Head of Delegation plus two guests.
• Live interpretation of the entire event will be available in English, French, Spanish, and Arabic.
• Food and refreshments will be available for all participants. Due to room restrictions, the food will be served outside the conference room.

Provisional Program & Agenda 

Reference Documents

• Climate Prosperity Plans (link)
• CVF Leaders Declaration (link)
• Accra-to-Marrakech Agenda (link)
• V20 Ministerial Dialogue X Communique (link)
• V20 Ministerial Dialogue IX Communique (link)
• V20 Ministerial Dialogue XI Communique (link)
• Emergency Coalition on Debt Sustainability and Climate Prosperity (link)
• Climate Vulnerability Monitor, Third Edition (CVM3) (link)
• 2nd edition of the V20 Debt Review (to be added)
• Climate Vulnerable Economies Loss Report (link)
• V20 Vision 2025 (link)
• The International Monetary Fund, Climate Change and Development: A Preliminary Assessment (link)
• Finance for climate action: Scaling up investment for climate and development – Report of the Independent High-Level Expert Group on Climate Finance (link)
• Report of the Independent High-Level Expert Group on Climate Finance Climate Finance Framework (link)

V20 Membership

The 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.

*Pending further discussion. 

**As a UN non-member observer state.