V20 Senior Officials Convene to Drive Climate Resilience

GRAPHIC: V20 senior officials from 35 different countries meet virtually on September 12, ahead of the CVF Leaders Meeting at the United Nations Headquarters in New York on September 21 as well as the V20 Ministerial Dialogue XI in Marrakech on October 15.

V20 Senior Officials Convene to Drive Climate Resilience

ACCRA, 12 September 2023 — The Senior Officials of the Vulnerable Twenty (V20) Group of Ministers of Finance of the Climate Vulnerable Forum (CVF), a dedicated initiative of 68 climate-vulnerable countries focused on financing initiatives, advocacy and partnership efforts for countries most threatened by climate change, convened virtually today to discuss the group’s achievements and plans for the upcoming year.  

The V20 expresses heartfelt sympathy, solidarity and condolences with Morocco after the devastating earthquake struck the North African nation and member of the Group. In light of the V20’s Accra to Marrakech Agenda, and the V20 Ministerial Dialogue XI scheduled for October 15 during the annual Meetings of the World Bank and International Monetary Fund (IMF) in Marrakech, the V20 reaffirmed its commitment to advancing climate resilience across vulnerable economies. 

Furthermore, the V20 lauded the inclusion of the African Union (AU) in the G20 and eagerly anticipates the formal recognition of the V20 as an official Group within the IMF. As the world’s attention shifts further towards climate action, the V20 also announced the upcoming CVF Leaders Meeting, themed “Advancing Climate Prosperity: Building A Resilient Global Financial Architecture for the Climate Vulnerable,” which will take place at the United Nations Headquarters in New York on September 21. 

The Senior Officials’ Meeting presented an update on the V20 activities and work program, including critical concerns of funding and liquidity to deal with the climate, debt, energy, and food security crises, highlighting critical actions that the international public finance community, including the IMF, multilateral development banks, and key central banks should undertake.

Discussions included the CVF Leaders Declaration, Accra to Marrakech Agenda, and next steps of the Emergency Coalition on Debt Sustainability and Climate Prosperity. 

V20 senior officials also covered the Climate Prosperity Plans and financing initiatives to push the frontiers of possibility with regard to economic and financial solutions to fight the climate crisis, secure sustainable development, and advance the shared prosperity of climate vulnerable people, their economies and ecosystems. These initiatives included the G7/V20 Global Shield against Climate Risks, the V20 Loss and Damage Funding Program, the Sustainable Insurance Facility, the Global Risk Modelling Alliance, Carbon Exchanges, and the Accelerated Financing Mechanism. 

ENDS 

CONTACTS:

For briefings and interview requests, please contact:  

[email protected] , www.v-20.org

Denise Fontanilla, +63 917 851 4890 (EDT/GMT-4)

Nabiha Shahab, +62 813 1421 3432 (WIB/GMT+7)

NOTES TO THE EDITORS: 

About V20 Group:

Ghana is the current Chair of the Climate Vulnerable Forum (CVF) and the Vulnerable Twenty (V20) Group of Finance Ministers. The V20 Group is a dedicated cooperation initiative of economies systematically vulnerable to climate change. The CVF/V20 comprises 68 countries, representing some 1.74 billion people and USD 3.8 trillion in GDP. Members of the V20 are:

Africa & Middle East

Benin, Burkina Faso, Chad, Comoros, Côte d’Ivoire, Democratic Republic of the Congo, Eswatini, Ethiopia, The Gambia, Ghana (Chair), Guinea, Jordan, Kenya, Lebanon, Liberia, Madagascar, Malawi, Morocco, Mozambique, Namibia, Niger, Palestine**, Rwanda, Senegal, Sierra Leone, South Sudan, Sudan, Tanzania, Togo, Tunisia, Uganda, Yemen.

 **As a UN non-member observer state.

Asia-Pacific 

Afghanistan, Bangladesh, Bhutan, Cambodia, Fiji, Kiribati, Kyrgyzstan, Maldives, Marshall Islands, Mongolia, Nepal, Pakistan, Palau, Papua New Guinea, Philippines, Samoa, Sri Lanka, Timor-Leste, Tonga, Tuvalu, Vanuatu, Vietnam.

Latin America & Caribbean

Barbados, Colombia, Costa Rica, Dominica, Dominican Republic, Grenada, Guatemala, Guyana, Haïti, Honduras, Nicaragua,  Paraguay, Saint Lucia, Trinidad and Tobago.