The world’s most climate-vulnerable nations are to pioneer innovation in green finance.
That’s according to a new announcement from the Vulnerable Twenty (V20) group, which says it aims to help ensure continued economic development while tackling the costly economic impacts of climate change.
It adds it will focus on low-emission development, shifts in financial flows towards achieving 100% renewable energy and stronger risk financing and insurance for vulnerable economies.
In addition, the group warns against pulling resources from the Paris Agreement, which it said would create economic instability.
The V20 nations have officially confirmed the membership of Colombia, Lebanon, The Gambia, Palestine and Samoa.
H.E. Abraham Tekeste, Minister of Finance and Economic Cooperation of Ethiopia, said: “Today, the V20 achieved a number of important milestones with our strategic dialogue with the G20, as well as by initiating concrete initiatives to help V20 members finance climate action in their respective countries.”
The V20 group also urged G20 nations to phase out fossil fuel subsidies by 2020.