Official recognition of the V20 ● We call on the World Bank and IMF to officially recognize the V20 as an official constituency of the World Bank and IMF, given the V20’s unique experience and expertise representing the common priorities and interests of 58 of the world’s most climate threatened developing economies, including least developed countries, small island developing states and nations t. [...] Cost of Capital ● To offset high capital costs for climate investments and debt sustainability, the V20 seeks to mobilize additional resources in the form of guarantees, subsidy accounts, and the implementation of the V20’s Accelerated Financing Mechanism to maximize renewable energy and adaptation towards energy security and food security. [...] Loss and Damage 4 Communique | V20 Ministerial Dialogue IX – 16 October 2022 – Washington DC ● We urge all major polluting nations and companies to contribute finance to address loss and damage in light of the shortfall of action and finance on adaptation and mitigation, as well as the escalation of impacts on the most vulnerable and least equipped countries and economies. [...] ● With the glaring evidence of the loss and damage faced by V20 economies, the V20 has fundraised to commission a V20 Loss and Damage Funding Program, with the intention to complement adaptation and development interventions, to inspire rapid international resource mobilization initiatives for loss and damage. [...] ● We call for the development and launch of the G7/V20 Global Shield against Climate Risks to accelerate efforts of targets of InsuResilience Global Partnership that rapidly scales up financial protection for the most vulnerable, including as a contribution to the implementation of the Paris Agreement and the success of COP27 in Sharm El- Sheikh.
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