World Bank, IMF Spring Meeting: Finance Minister tells V20 countries that opportunities for innovation abound
Finance Minister Dr Mohammed Amin Adam has called on the Vulnerable Twenty (V20) countries not to lose sight of the unparalleled opportunities for innovation, resilience, and collective action, despite unprecedented climate challenges being experienced globally.
He said this during the V20 ‘s meeting at the ongoing Word Bank International Monetary Fund (IMF) spring meetings in Wahsington.
The Vulnerable Twenty (V20) Group of Ministers of Finance of the Climate Vulnerable Forum is a group dedicated to cooperation and initiatives of economies vulnerable to climate change.
IMF/WORLD BANK SPRING MEETINGS
Chair of the @V20Group , Dr Mohammed Amin Adam has said that V20 countries should not lose sight of the unparcelled opportunities for innovation, resilience & collective action, despite unprecedented climate challenges being experienced globally. pic.twitter.com/lC1Tr7gKC3
— Office of the Finance Minister-Ghana (@oofmghana) April 17, 2024
Mr Ken Ofori-Atta on Tuesday delivered the closing address for the 12th Ministerial Dialogue.
He made the presentation in his capacity as Former V20 Chair and currently Senior Presidential Advisor on Finance and Ghana’s Special Envoy on International Investment and Capital Markets.
The Vulnerable Twenty (V20) Group of Ministers of Finance of the Climate Vulnerable Forum is a dedicated cooperation initiative of economies systemically vulnerable to climate change.
The ‘V20Finance Ministers’ in a post on their X platform said “Former V20 Chair H.E. Ken Ofori-Atta, who is now serving in the capacity of Senior Presidential Advisor on Finance and is Ghana’s Special Envoy on International Investment and Capital Markets, delivers the closing address for the Ministerial Dialogue. #IMFMeetings”
The V20 Finance Ministers emphasized the need for a fairer global financial system and proposed several measures to transform the international financial architecture.
Portions of their Communiqué said “We, the Ministers and Senior Representatives of the V20 Finance Ministers of the Climate Vulnerable Forum (CVF) from Africa, Asia, the Caribbean, Latin America, the Middle East, and the Pacific, met in Washington, D.C. United States of America on 16 April 2024, during the Spring Meetings of the International Monetary Fund (IMF) and the World Bank Group to discuss, agree, and deploy national, regional, and global strategies to unlock growth and prosperity through innovations in climate finance and debt.
“As of this year, the CVF-V20 is an intergovernmental group headquartered in the Africa Trade House, Accra, Ghana. The membership spans 68 economies, representing a population of 1.74 billion people, contributing to 6.55 percent (equivalent to USD3.8 trillion) of global Gross Domestic Product (GDP). Despite V20 economies representing 21.5 percent of the global population, the V20 accounts for around four (4) percent of global greenhouse gas (GHG) emissions.
“We reiterate that the widening adaptation finance gap underscores the urgency of immediate action in light of substantial and increasing climate-induced losses. The Climate Vulnerable Economies Loss Report estimated that V20 economies have lost approximately USD525 billion over the last 20 years (2000-2019) due to the impact of climate change on temperature and precipitation patterns. In other words, the V20 economies and their people would have been 20 percent wealthier today if not for climate change.”
Chair of the @V20Group , Dr Mohammed Amin Adam has said that V20 countries should not lose sight of the unparcelled opportunities for innovation, resilience & collective action, despite unprecedented climate challenges being experienced globally.
