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

 

Marshall Islands New V20 Chair

PRESS RELEASE

Marshall Islands New CVF & V20 Chair

Download the press release (pdf, 0.1mb)

  • Ethiopia concluded its 2-year term as president of the CVF and V20 Group
  • CVF-V20 Officials met at Addis Ababa

Addis Ababa, Ethiopia–Tuesday 28 August 2018: The Federal Democratic Republic of Ethiopia concluded its chairmanship of the Climate Vulnerable Forum (CVF) and the Vulnerable Twenty (V20) Group of the member states of the CVF with a handover ceremony held at Addis Ababa today transferring presidency responsibilities to the Republic of the Marshall Islands.

Speaking at the event, H.E. Dr. Gemedo Dalle, Minister of Environment, Forest and Climate Change said:

“The Marshall Islands gives us hope. They are very vocal and committed to fighting climate change. The CVF is in safe hands. We strive for 1.5°C to thrive and we can do this together. The dream of a safer world needs the cooperation of all countries, and of every man, woman, and child.”

Accepting the responsibilities of the Forum chairmanship, Mr. Carlsan Heine of the Office of the President of the Marshall Islands said:

“We have come together on climate change and we will continue to fight together on climate change. The Marshall Islands stands on the shoulders of the giants of this Forum who came before us as we seek to implement the CVF Vision and the core priorities of the V20 Finance Ministers. We are proud that a Pacific island nation of less than 100,000 inhabitants under female leadership will take forward this global Forum at this critical moment.”

The Marshall Islands is convening an entirely online Virtual Summit of the Climate Vulnerable Forum on 22 November 2018 and it was indicated that the Summit would be front and center of the Forum’s work for the remainder of 2018.

The handover ceremony took place in conjunction with meetings of the V20 Focus Groups and a CVF-V20 Troika Meeting held at Addis Ababa from 27-28 August 2018, gathering senior CVF and V20 officials from different world regions.

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 Calls for Clear Finance Roadmap to Excel in Climate Fight

V20 Calls for Clear Finance Roadmap to Excel in Climate Fight

  • The Vulnerable 20 (V20) Group of Finance Ministers of the Climate Vulnerable Forum (CVF) meet at the World Bank and IMF Fall meetings
  • Philippines hands over presidency as Ethiopia becomes V20 Chair
PRESS RELEASE
Download Press Release (English, Pdf, 0.2mb)
WASHINGTON D.C., 06 October 2016 – On the day after the Paris Agreement on climate change became law, finance ministers representing more than 40 emerging economies that form the Vulnerable Twenty (V20) Group met in Washington, DC to discuss how finance is key to driving the urgent action required at home. At the event, on the sideline of the Annual Meetings of the International Monetary Fund and World Bank Group, Ethiopia assumed the Chair of the V20 Group which was founded in 2015.
Carlos Dominguez, the Secretary of Finance of the Philippines called for a clear roadmap towards the mobilization of $100 billion in additional financing flows to help the most vulnerable countries deal protect themselves. He said V20 international cooperation would “provide our domestic economies with vital support and confidence we need to excel in fighting climate change”.
Abdulaziz Mohammed, the Minsiter of Finance and Economic Cooperation of Ethiopia, highlighted devastating effects and “lethal excesses caused by the world’s most gigantic externality”, adding that “we would like to express Ethiopia’s commitment for its candid leadership for the achievement of the V20 vision, and to work towards the fulfilment of the Paris climate agreement at large”.
Speaking at the V20 Ministerial, Helen Clark, UNDP Administrator, recognized the role of the vulnerable countries in the Paris Agreement through convincing the international community that a world where warming does not exceed 1.5 degrees was worth fighting for. She said “UNDP, and the entire UN development system, will work to support you in accomplishing your mission.”
Photo Caption: Philippines handover the V20 Presidency to Ethiopia; Source: The V20 Group of Finance Ministers; License: CC BY-NC 2.0

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