The Vulnerable Twenty (V20) Group, under the Climate Vulnerable Forum, has held their 13th Ministerial Dialogue yesterday, calling for urgent financial governance reforms and equitable climate financing.
The Vulnerable Twenty (V20) Group, under the Climate Vulnerable Forum, has held their 13th Ministerial Dialogue yesterday, calling for urgent financial governance reforms and equitable climate financing.
A communique by the 70 climate vulnerable nations in the V20 urged for provision of fair access to climate financing, and emphasized the crucial need for debt solutions and relief and disaster support.
The 70 nations come from amongst Small Island Developing States (SIDS), least developed countries (LDCs), low-to-middle income countries (LMICs), landlocked developing countries (LLDCs) and fragile and conflict-affected states (FCS).
The CVF was formed with the initiative of the Maldives government in collaboration with other climate vulnerable nations in 2009, with the first meeting being held in the same year during the administration of then President Mohamed Nasheed.
Nasheed also joined the V20 event held yesterday with the World Bank. He is currently the Secretary General of the forum.
At the meeting, Finance Ministers from many member states highlighted that recent climate disasters have only gone on to exacerbate the financial and debt woes faced by countries, while also leaving them more vulnerable.
The communique criticized the current practice of 'diverting crucial funds from the poorest nations to the wealthiest'.
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