Survive & Thrive at #1o5C: High Level thematic session of the V20 during the CVF Virtual Summit

November 22, 13:00 GMT / November 23, 01:00 MHT: The Climate Vulnerable Forum (CVF) under the leadership of its current Presidency, the Republic of the Marshall Islands, will convene the entirely web-based, zero emissions CVF Virtual Summit on November 22 (MHT) / November 23 (GMT). The Summit is aimed at scaling up global climate ambition in the run-up to 2020 and will be joined by heads of states, government representatives and climate champions from around the globe. The audience – governments, global companies, cities, states, civil society and media – are invited to join and participate virtually via https://www.virtualclimatesummit.org/ or follow using the hashtag #virtualclimatesummit.

One segment of the CVF Virtual Summit consists of 10 high level thematic panels focused on ramping up climate action. The Vulnerable Twenty (V20) Group, supported by MCII and the World Bank, will hold its thematic session on “Survive & Thrive at #1o5C: The Finance Agenda of V20 Economies” on November 22 at 13:00 (GMT)/ November 23 at 01:00 (MHT). The panel will build on recent progress made during past V20 meetings in Addis Ababa and Bali, and host representatives from the Republic of the Marshall Islands, the Philippines, Bangladesh, the Green Climate Fund, the World Bank, and MCII. 

Within the climate action sphere, many of the pledges made by V20 economies rank among the most ambitious and comprehensive ones to date. They encompass national commitments on scaling up renewable energy to 100% RE for #1o5C, the implementation of carbon pricing mechanisms, including fossil fuel taxes, and the promotion of climate-related insurance mechanisms addressing both low carbon as well as climate resilient development. In parallel, the V20 as a Group has made simultaneous advancements.

At its most recent meeting in Bali, the V20 has renewed its commitment to promote ambitious efforts to address the global threat of climate change that is already posing severe economic and financial risks – above all to the world’s most vulnerable developing economies. V20 economies – with rapidly emerging markets for over one billion people – remain high growth engines of the world economy. That growth, however, is becoming increasingly fragile due to climate change and associated transition risks.

Against this background, the session will kick off by reviewing the V20 agenda to implement the #1o5C Vision in V20 economies.  V20 members will highlight progress in advancing their financial and economic agendas towards these aims. The session will then look at concerted V20 efforts across three thematic areas 1) Climate-resilient and climate-friendly investment 2) Instruments for financial protection and 3) Carbon Pricing and Disclosure. In the process, the V20 Multi-Country Financing Initiative for Maximal Resilience and 100% Renewable Energy as well as the Sustainable Insurance Facility (SIF) will be discussed. This will also serve to illuminate the associated V20 needs and challenges towards applying innovation and leveraging private sector finance. Based on such assessment, the session will then highlight next steps to further these aims through finance agendas and the needed increase in ambition and support by all stakeholders, including the V20 as well as the international climate community, to reach the #1o5C objective.

 Speakers:

  • Maybelline Bing, Secretary of Finance, Republic of the Marshall Islands / V20 Presidency 
  • Kilaparti Ramakrishna, Head of Strategic Planning, Green Climate Fund
  • Rachel Herrera, Climate Change Commissioner, Republic of the Philippines
  • Soenke Kreft, Executive Director, Munich Climate Insurance Initiative
  • Speaker to be confirmed, People’s Republic of Bangladesh
  • Marcelo Mena Carrasco, Practice Manager, World Bank – Climate Change Group

 

The session will last for one hour and conclude with a ten minute Q&A slot to receive and reply to questions from the audience. Please ask your questions on twitter, using the hashtag #CVFSummitPanel.