Vulnerable economies on Thursday called upon the rich nations to avert global climate-Covid economic threat.
The 48 most vulnerable economies demand “2020-2024 delivery plan” for the missing $100 billion annual Paris Agreement climate assistance.
Led by Bangladesh as chair of the V20, the world’s most climate vulnerable economies met virtually as heads of state and government, ministers of finance and economy, together with leaders of the United Nations, partner economies and the global financial system to address the compound, destabilizing effect of climate disasters and the Covid-19 pandemic on low- and middle-income economies.
The ‘Vulnerable Twenty’ (V20) Group of Finance Ministers released a Communique that called for leadership by industrialized nations and cooperation to urgently transform and align the global economic system with the goals of the Paris Climate treaty for a more robust, greener, and equitable recovery.
The first ‘Climate Vulnerables Finance Summit’ was opened by Bangladesh Prime Minister Sheikh Hasina.
She said every country must pursue an ambitious target to curb Greenhouse gas emissions to keep global temperatures from rising to 1.5ºC.
"This target has been approved through a global consensus, but we have not observed any visible action”, said the Prime Minister adding that “I urge all, particularly the G20 nations to show their actions.”
She indicated that the tragedies faced by the most vulnerable will haunt the world economy if urgent action is not taken and the economic and financial support needs of the V20 are not met, stating that “Developed nations need to articulate a concrete delivery plan on how the shortfall of annual climate finance will be met between 2020 and 2024.
They should facilitate the green recovery of the Climate Vulnerable Forum (CVF)-V20 by providing monetary assistance, transferring technology, and building capacity.