Survive & Thrive at #1o5C: The Finance Agenda of V20 Economies

22 November 2018 | 1:00 -2.00a.m |Majuro, Marshall Islands

Partner organizations in support of V20:

Munich Climate Insurance Initiative and the World Bank

Objective:

Guide the way towards an ambitious finance agenda for V20 economies aligned with the #1o5C objective.

Background of the session:

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. These commitments include national commitments on scaling up renewable energy to 100% for #1o5C, carbon pricing mechanisms (e.g., fossil fuel taxes) and the promotion of climate-related insurance mechanisms. In parallel, the V20 as a Group has made simultaneous advancements.

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:

  1. Maybelline Bing, Secretary of Finance, Republic of the Marshall Islands / V20 Presidency (confirmed): Highlighting current efforts of V20 around the Accelerated Financing Mechanisms for adaptation and mitigation as well as the Sustainable Insurance Facility, and national ambitions
  2. Kilaparti Ramakrishna, Head of Strategic Planning, Green Climate Fund (confirmed): Responding to RMI by providing a multilateral fund’s perspective on the challenges of scaling up climate-related investment in V20 economies (In relation to accelerated financing mechanism)
  3. Rachel Herrera, Climate Change Commissioner, Republic of the Philippines (confirmed): Presenting on nationally-supported adaptation fund (People’s Survival Fund)
  4. Soenke Kreft, Executive Director, Munich Climate Insurance Initiative (confirmed): Responding to the Philippines by discussing available climate and disaster risk financing
  5. Abul Maal Abdul Muhith, Minister of Finance, People’s Republic of Bangladesh (to be confirmed): Presenting on upscaling renewable energy systems (home solar systems)
  6. Marcelo Mena Carrasco, Practice Manager, World Bank – Climate Change Group (confirmed): Responding to Bangladesh and RMI/V20 by discussing carbon pricing and its potential for scaling up renewable energy investments in V20 economies.

Join the livestream panel at www.virtualclimatesummit.org

Outcomes:

Next steps for V20 during upcoming meetings, including the V20 Focus Group Meetings in Katowice in December 2018; Promote the development of mutually beneficial partnerships that advance the V20 Action Plan; Increase ambition of climate efforts and fostering exchange and capacity in support of this.