V20 Senior Officials Convene to Drive Climate Resilience

V20 Senior Officials Convene to Drive Climate Resilience
V20 Senior Officials Convene to Drive Climate Resilience

Africa-Press – Lesotho. 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.

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