€270m mobilised so far by the Climate Vulnerable Forum, Finance Minister says
According to Finance Minister Ken Ofori-Atta, some 270 million euros have so far been mobilised by the Climate Vulnerable Forum and Vulnerable Twenty Group of Finance Ministers (CVF/V20).
He made the disclosure on Tuesday, October 24, 2023, while speaking at the ongoing 19th International Conference on Inclusive Insurance (ICII).
At the ongoing 19th International Conference on Inclusive Insurance, are experts from around the world representing NGOs, development-aid organisations, regulation, supervision and policy experts as well as the insurance industry exchanging experiences and discussing the challenges involved in extending risk management solutions based on insurance principles to low-income households and MSMEs.
Ghana, is the host country for the proposed independent global secretariat of the group, which has now been declared a fully-fledged treaty organisation.
The Climate Vulnerable Forum and the Vulnerable Twenty Group of Finance Ministers announced the nomination of Ghana as the host country at a meeting on Thursday (21 September 2023) on the sidelines of the 78th United Nations General Assembly (UNGA) to amplify their call for climate prosperity and debt sustainability.
Ghana has already committed $1m to host the headquarters of the independent secretariat for the first year, as the various structures of the secretariat get established.
Meanwhile, the CVF/V20 is calling for recognition of the CVF’s Vulnerable Twenty Group of Finance Ministers as an official group within the International Monetary Fund. The Climate Vulnerable Forum is an international partnership of countries highly vulnerable to a warming planet.
The Forum serves as a South-South co-operation platform for participating governments to act together to counter global climate change. Ghana is the current chair of the CVF and its V20 Group of Finance Ministers, a dedicated co-operation initiative of economies systematically vulnerable to climate change.
Both the CVF and V20 are composed of 68 countries, representing some 1.74 billion people and US$3.8 trillion in annual GDP.
Member States
The member states of the CVF/V20 in Africa and the Middle East are: Benin, Burkina Faso, Chad, Comoros, Côte d’Ivoire, Democratic Republic of the Congo, Eswatini, Ethiopia, Gambia, Ghana (chair), Guinea, Jordan, Kenya, Lebanon, Liberia, Madagascar, Malawi, Morocco, Mozambique, Namibia, Niger, Palestine (as a UN non-member observer), Rwanda, Senegal, Sierra Leone, South Sudan, Sudan, Tanzania, Togo, Tunisia, Uganda and Yemen.
In Asia-Pacific, the member states are Afghanistan, Bangladesh, Bhutan, Cambodia, Fiji, Kiribati, Kyrgyzstan, the Maldives, the Marshall Islands, Mongolia, Nepal, Pakistan, Palau, Papua New Guinea, the Philippines, Samoa, Sri Lanka, Timor-Leste, Tonga, Tuvalu, Vanuatu and Vietnam.
The CVF/V20 members in Latin America and the Caribbean are Barbados, Colombia, Costa Rica, Dominica, Dominican Republic, Grenada, Guatemala, Guyana, Haïti, Honduras, Nicaragua, Paraguay, Saint Lucia and Trinidad and Tobago.
