‘Economies facing fiscal, sustainability pressures amid climate disasters, Covid-19 pandemic’

The Vulnerable 20 Group of Finance Ministers (V20) have highlighted mounting pressures to their economies amidst climate disasters and the Covid-19 pandemic during the inaugural Global Climate Adaptation (GCA) Summit. 

The V20 is seeking support for new climate investments to exceed the low-bar USD 100 billion target for international climate finance that the group can deploy in their respective economies, according to a press release issued today.

"The world economy is at a historic crossroads. Covid-19 has shown the inadequacy in our preparation," said Bangladesh Finance Minister Mustafa Kamal.

"We have to accept that the global response has been too little, too late. We must absolutely see all donors balance their climate finance and place adaptation on a level footing with reducing emissions," Kamal, also the chair of V20, said.

The V20 is concerned that availability of capital for climate action still falls short of requirements to achieve the 1.5C threshold of the Paris Climate Agreement, the release read.

Last month, the group released its Climate Prosperity Plans programme under the Bangladesh Presidency, outlining strategic investment frameworks to mobilise international financing for implementing renewable energy, adaptation and resilience projects.