V20 Ministerial Dialogue VIII 20/07/2022 08:56:00 493

The 8th Finance Ministerial Dialogue Meeting of the Vulnerable Twenty Group (referred to as V20) was held virtually on April 21, 2022. This dialogue focused on two main subjects which were the adaptation and resilience to climate change and the implementation of initiatives and the development of partnerships within the framework of V20 cooperation. The dialogue was attended by Mr. Mustafa Kalma, Minister of Finance of the People's Republic of Bangladesh - President of V20, Ministers/representatives of the Ministry of Finance of V20 member countries, international organizations such as UN, IMF, ADB, WB and guests such as EU, Germany, UK …

Mr. Mustafa Kalma - President of V20 emphasized that a novel objective of V20 is to make a way out for mitigation and adaptation of the adverse impacts of the climate change on the environment. The climate change is not an issue of a single country, rather it is a global issue. Mr. Mustafa Kalma welcomed the progress achieved thanks to the great efforts of member countries and thereby fulfilling V20 mission towards 2025 through the implementation of the Climate Prosperity Plans, Accelerated Financing Mechanism (AFM), the Sustainable Insurance Facility (SIF), CVF & V20 Joint Multi-Donor Fund for a new Loss and Damage financing facility, Carbon Financing Development Program, the partnership with the Global Risk Modeling Alliance (GRMA). In addition, Mr. Mustafa Kalma shared Bangladesh's Mujib Climate Prosperity Plan 2030 as a comprehensive road map for achieving its socio-economic development outcomes and implementing commitments under the Paris agreement and Bangladesh's SDGs (Sustainable Development Goals).

At the Dialogue, the participating countries and international organizations shared the difficulties in facing with climate change, especially the lack of international financial and technical support to help developing countries, especially vulnerable countries in mitigating and adapting to climate change. Besides, the Dialogue focused on the financing role of Multilateral Development Banks (MDBs) in expanding global financial flows for climate change adaptation through the private sector and institutional investors. Representatives of international organizations such as the UN, WB, IMF, ADB and some countries made comments on the solutions and actions requiring the coordination among various stakeholders in order to finance climate change mitigation and adaptation.

At the end of the Dialogue, the V20 Finance Ministers adopted the joint communiqué of the Dialogue with three main contents, namely identifying the challenges of V20 on climate mitigation and adaptation, V20's cooperation with partners to handle the challenges, and proposing V20 actions for climate mitigation and adaptation.

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