V20 MINISTERIAL COMMUNIQUÉ - Ministerial Dialogue X of the Vulnerable Twenty (V20) Group

on 16 April 2023 during the Spring Meetings of the International Monetary Fund and the World Bank Group to assess progress towards a fit-for-climate global financial architecture capable of delivering development-positive climate action for the most vulnerable and strategies to scale up and speed up financing; As the world’s most systemically climate-threatened economies, the main hurdle that vuln. [...] OFFICIAL FUND RECOGNITION OF THE V20 ● We reiterate our call to the World Bank and IMF to officially recognize the V20 as an official group in 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 and middle income countries, small island d. [...] ● We seek premium and capital support towards building domestic and regional markets through the Sustainable Insurance Facility, and for the key financing vehicles within the G7-V20 Global Shield against Climate Risks to always act in the best interest of their ultimate clients, the climate vulnerable countries and particularly least developed countries and small island developing states. [...] LOSS AND DAMAGE ● We urge COP28 to deliver the mandate for the rapid evolution of all multilateral institutions including the Global Environment Facility to fully integrate loss and damage as an instrument, inclusive as a separate new program of work, and a new addition to country envelopes, and for the financial architecture to include loss and damage instruments as part of the composition of sup. [...] We intend to share the expertise from the design and early implementation of the V20 Loss and Damage Funding Program with the international community towards supporting the effective design of other new Loss and Damage funds, including under the UNFCCC.