V20 Ministerial Dialogue XII Communiqué

C ____________________________________________________________________________ We, the Ministers and Senior Representatives of the V20 Finance Ministers of the Climate Vulnerable Forum (CVF) from Africa, Asia, the Caribbean, Latin America, the Middle East, and the Pacific, met in Washington, D. [...] 1/10 Communiqué | V20 Ministerial Dialogue XII – 16 April 2024 Recalling the past 11 communiqués, including the Accra-to-Marrakech Agenda (A2M), the Bridgetown Initiative, the Nairobi Declaration, the SDG Stimulus, and the international financial reform direction shared by the leaders from Africa, the V20 Finance Ministers reiterated their commitment to safeguard 1.5℃ in the Paris Agreement. [...] The V20 Finance Ministers have unique contextual experiences and expertise to contribute to the agendas of the International Monetary and Financial Committee (IMFC) and the joint World Bank Development Committee. [...] Special Drawing Rights and the Resilience and Sustainability Trust (RST) ● We welcome the efforts of the G21 members to voluntarily rechannel part of their SDRs to create more fiscal space for climate-vulnerable countries while noting the uneven distributions of SDR allocations; ● We urge the rechannelling of SDRs to regional MDBs, in particular the African Development Bank (AfDB), Inter-American. [...] Adaptation Finance ● We call on MDBs and the Green Climate Fund to enhance access to adaptation finance for climate vulnerable countries, and to apply the Principles for Locally Led Adaptation in the provision of finance for adaptation and resilience of vulnerable countries; ● We urge MDBs to mainstream climate adaptation and resilience into all development finance deals in order to ensure long te.