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.
Prime Minister Sheikh Hasina on Thursday placed a five-point proposal, including the green recovery of climate vulnerable countries with support from the developed nations, as the climate change has brought them to a threshold. “Developed nations should facilitate the green recovery of the CVF-V20 countries. Dedicated support is required for reducing the cost of capital and encouraging private sector participation,” she said while placing her proposals in the first V20 Climate Vulnerable Finance Summit. Sheikh Hasina, also the President of Climate Vulnerable Forum (CVF), opened the Summit organised by Finance Ministers of the Vulnerable Twenty (V-20), joining it virtually from her official residence Ganobhaban. “Every country must pursue an ambitious target to curb Greenhouse gas emissions to keep the global temperature-rise below 1.5ºC,” she said. “Fund flow must be predictable, balanced, innovative and incremental. Development partners and international financial institutions should adopt a user-friendly process of fund allocation and disbursement. There must be synergies among various climate funds,” she said in the third proposal. “Rich nations must help CVF-V20 countries by closing the existing financial gaps in protecting climate-induced disasters. Financial support is needed to introduce smart insurance premium subsidies and capitalization of insurance products for CVF countries,” said Hasina, placing the fourth proposal. “Finally, every vulnerable country may actively consider adopting a 'climate prosperity plan' like our 'Mujib Climate Prosperity Plan.' I request the international community to provide all-out support to realize our plans,” she said, putting forward the fifth proposal. The Prime Minister said Earth is in a dire state. “We must be sensible in our actions. Let’s work together to build a strong climate resilience world.” Also read: Hasina suggests 6 points for framing post-Covid global recovery plan She urged the finance ministers, development partners, international financial institutions, and multilateral development banks to find innovative financing solutions for climate prosperity. Hasina said the disastrous impacts of climate change mainly caused by GreenHouse Gas emissions are loudly visible around the world. “We must reverse these for our survival and survival of our future generations,” she added.