The establishment of an Independent Secretariat for Climate Vulnerable Forum and the V20 Group of Finance Ministers is a giant step towards achieving climate prosperity objectives.
This will ensure that the coalition has a legal framework that will facilitate the mobilisation of more resources to support member states in the development and implementation of their climate prosperity goals.
The Minister for Finance, Mr Ken Ofori-Atta, who is also the Chairman of the V20, and the Finance Ministers of the Climate Vulnerable Forum, made these remarks at a high-level leader’s meeting during the 2023 United Nations General Assembly in New York.
“This will also ensure the provision of policy guidance, facilitation of access to financial resources for adaptation and loss and damage, build the capacity of member states and empower them to effectively navigate challenges posed by climate change.
“Like all grand endeavours, if we are to become more effective and reach our full potential, our growing initiatives will need a structured coherent organization with a crystal-clear mandate and the clarity of a forward-looking vision,” he added.
According to the Minister, the combined voice of the 68 Member States of the Climate Vulnerable Forum, representing over 1.7 billion people, is not just impressive in number but powerful in intent to drive and realize deeper global transformation.
Mr Ofori-Atta was optimistic that the membership of the Forum would increase from 68 to 100 countries by the end of COP 28, to represent about 30 per cent of the world’s population.
The Minister further noted that the approach to establish an independent Secretariat for the Climate Vulnerable Forum and the V20 Finance Ministers was a milestone and described it as “the coming of age of a formidable entity designed to sustain and amplify the efforts of our nations, to protect us from climate impacts, expand our adaptive capacity and enable us to rise beyond our climate vulnerabilities.’’
That, he underscored, would provide a more formidable voice and intent on their advocacy for a just energy transition, protect economies of climate-vulnerable countries from climate impacts, scale up accessibility finance with urgency and also ensure debt sustainability.
On her part, the Deputy Secretary-General of the United Nations, Amina J. Mohammed, stressed the need to acknowledge the leadership and ingenuity of the Climate Vulnerable nations, which often bear the disproportionate burden of the climate crisis.
She further entreated stakeholders, multilateral institutions, government leaders, businesses, civil society organisations and individuals to join in the creation of a more resilient global financial architecture that would enable nations to thrive in a more prosperous and resilient world.
Joyce Adwoa Animia Ocran, ISD