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By Staff Reporter : PNG Today

Samoa accepted into V20 group

The IV Ministerial Dialogue of the Vulnerable Twenty (V20) Group welcomed five new members to the Group and discussed measures to realize the V20 Action Plan that aims to address the tailored finance solutions that V20 countries need to pursue climate act

The V20 Action Plan’s objective is to address the special needs of V20 countries and unlock the full potential of vulnerable countries to pursue climate action, enhance security, maximize co-benefits and opportunities, and in doing so, inspire others around the world.

It also aims to avoid further indebtedness of vulnerable countries, enhance their national capacity and readiness, and help to remove barriers for delivering and mobilizing finance.

In the communiqué issued at the conclusion of the ministerial meeting, the V20 countries, inter alia:

decide to establish a task force of independent experts to assess the financial requirements for climate action consistent with the Paris Agreement;
request the World Bank to provide V20 members with capacity building and financial support to develop their institutional capacity as a part of their broader fiscal risk management agenda and to support the activities of the V20 working groups on climate risk;
urge the Group of Twenty (G20) countries to deliver their long-term low-emissions development strategies before 2020; and
resolve to establish a technical committee to develop multi-country financing initiatives towards the advancement the V20 Action Plan.
The V20 countries also welcome the US$100 billion roadmap presented by developed countries outlining a pathway to achieve their climate finance mobilization target and “look forward to further clarification” on the extent to which the Roadmap’s contributions will be “new and additional resources.” In the communiqué, they further: reaffirm the need to increase prioritization of adaptation finance; welcome the recommendations from the Financial Stability Board Task Force on Climate-related Financial Disclosures; call for market distorting fossil fuel production subsidies to be removed immediately and no later than 2020; and call on the G20 to lead with the V20 to aim to subject all emissions to carbon pricing.

The V20 officially confirmed the membership of Colombia, Lebanon, The Gambia, Palestine and Samoa. It also announced the future chairmanship of the Marshall Islands from October 2018. The group is currently chaired by Ethiopia.

The V20 met in a first-ever dialogue with High Level representatives of the G20 on 23 April 2017, in Washington DC, US. According to the Chair’s summary of the dialogue, both groups indicated an interest in working together on climate change, including through the “ambitious implementation” of the Paris Agreement.

The V20 was established at a Ministerial meeting in October 2015 in Lima, Peru. The V20 spans over 20 low- and middle-income, least developed-, landlocked- and small island countries from Africa, Asia, the Caribbean, Latin America and the Pacific.

The V20’s Climate Vulnerable Forum is a dedicated cooperation initiative of economies systemically vulnerable to climate change.

Samoa’s inclusion increases the number of Pacific island states to eight, representing a 32 per cent bloc in the 25 countries-strong group.

   
Source: Pacific Guardians

Posted by Staff Reporter : PNG Today on 1:41 AM. Filed under . You can follow any responses to this entry through the RSS 2.0. Share this Article

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