V20 Climate Vulnerables Finance Summit is going to be held today to discuss ways how to mobilise financing to help mitigate or adapt in climate change.
It is becoming one of the most crucial and eminent platforms for decisive climate action in the lead up to COP26 Glasgow.Finance Minister AHM Mustafa Kamal will chair the summit after Prime Minister Sheikh Hasina’s formal inauguration. Bangladesh is now the chair of V20, says a finance ministry release.
V20 Climate Vulnerables Finance Summit will be attended by heads of state or government, G20 and major International Financial Institutions, including the Secretary General of the United Nations.
Formed in 2015 the V20 Group of Finance Ministers, is a dedicated cooperation initiative of economies systematically vulnerable to climate change. At present, the V20 membership extends to 48 countries.
The V20 represents economies of a collective 1.2 billion people with some of the consistently highest growth rates in the world yet facing existential threats from growing perils of climate change.
Collectively, V20 countries seek a transformational approach to global economic activities anchored in keeping global warming to below 1.5 degree Celsius while simultaneously maintaining the growth trajectory of the world economy.
The participating countries include Colombia, Costa Rica, Ethiopia, and the Marshall Islands; V20 finance ministers from countries including Afghanistan, Bangladesh, Bhutan, Burkina Faso, Costa Rica, Dominican Republic, Ghana, Haiti, Ethiopia, Fiji, Grenada, Honduras, Maldives, Marshall Islands, Philippines, Timor-Leste, and Sri Lanka; along with Minister of Foreign Affairs and Minister of Environment, Forestry and Climate Change of Bangladesh.In close cooperation with the United Nations, International Financial Institutions and key development partners, the noteworthy dialogue will shape globally cooperative responses on a global magnitude, in order to ensure fast-tracked efforts in building resilience.
Partners represented by at least 25 finance ministers, UN Secretary General, Heads of state or government from Ethiopia, Costa Rica, Colombia and the Marshall Islands, United States Special Presidential Envoy for Climate, World Bank (WB) President, Asian Development Bank (ADB) President, Asian Infrastructure Investment Bank (AIIB) President, European Investment Bank (EIB) President, Global Environment Facility (GEF) CEO, Green Climate Fund (GCF) Executive Director, , International Renewable Energy Agency Executive Director, United Nation University’s Institute for Environment and Human Security, United Nations Environment Program (UNEP), Insurance Development Forum, and other stakeholders will constitute the parties in attendance at the summit. In the press conference held yesterday ahead of the Summit, Minister of Environment, Forest and Climate Change Md Shahab Uddin; Special Envoy of CVF Presidency of Bangladesh, Md Abul Kalam Azad; Secretary of Economic Relations Division Fatima Yasmin and Secretary of the Ministry of Environment, Forest and Climate Change, Md Mostafa Kamal, were present along with the finance minister.
In this summit, there will be a high-level roundtable dialogue of the finance ministers and representatives of Vulnerable Twenty Group (V20) with key partner Governments from the G7, G20 and international finance and development partners.
AHM Mustafa Kamal said the Summit communique will articulate the core priorities and initiatives of the V20 member economies following the G7 Summit and ahead of the G20 Climate & Energy Joint Ministerial and G20 Summits which represent a key interval on the road to COP26 in Glasgow.