14th V20 Ministerial Dialogue

Enabling Climate Prosperity: A Global Agenda for Jobs, Security, Resilience

World Bank Headquarters, Washington D.C., United States of America

The V20 Finance Ministers of the Climate Vulnerable Forum held another historic gathering—the 14th Ministerial Dialogue—alongside key institutions and partners, to discuss urgent financial reforms, equitable global representation, and pathways toward climate-resilient prosperity.’

Below are some of the statements shared during the high-level dialogue capturing the position and priorities of the CVF-V20 in the climate and economic space, as well as the commitments of multilateral development banks and development partners to support climate vulnerable nations in their journey towards prosperity and equity.

Learn more about the dialogue here
Download the Communiqué of the 14th V20 Ministerial Dialogue here

HIGHLIGHTS

“We have lost 20% of our potential GDP growth due to climate change, rising capital costs that are three times higher than in G7 countries, youth unemployment soaring to 20%, and mounting security threats. As disasters strike harder and faster, V20 countries need $490 billion a year by 2030, five times more than the $90 billion currently flowing to fund climate action, development, and nature.”

H.E. RYAN STRAUGHN
Minister of Finance and Economic Affairs Barbados
CVF-V20 Presidency
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“The challenge for us as much as it’s financing, it’s also capacity building in terms of coming up with investable, bankable projects around reconstruction, rehabilitation, recovery, everything associated with that. That is ultimately what’s going to make it sustainable, in terms of having those projects which can be structured, monitored, and reported internationally at international standards.”

H.E MUHAMMAD AURANGZEB
Minister of Finance and Revenue
Islamic Republic of Pakistan
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“We are working actively on formulating a climate prosperity investment and financing strategy to unlock new types of capital through lower transaction costs and more responsive financing solutions. We urge multilateral development banks and the Green Climate Fund to support us with the local currency financing, capital market development, and multilateral guarantees, and increase the concessional and grant support.”

H.E. SEEDY K. M. KEITA
Minister Finance and Economic Affairs
Republic of the Gambia
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“The IDA facility is not simply a financial instrument. It is a lifeline that needs to be bolstered. The ambition of the roadmap of the World Bank Group will be efficient only if it goes along with a strong mobilization of concessional resources, delivering the $100 billion replenishment package.”

H.E. OLAVO CORREIA
Vice Prime Minister and Minister of Finance
Republic of Cabo Verde
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“We recognize the disproportionate impacts of climate change on those who contribute the least to global greenhouse gas emissions. Our mission is to support these nations in overcoming the challenges of limited fiscal space, high debt servicing costs, and a high cost of capital, while unlocking opportunities for green growth, security, and job creation.”

JIN LIQUN
President and Chair of the Board of Directors
Asian Infrastructure Investment Bank
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“Prosperity is not a privilege, it’s a right. Resilience is not a luxury, it is a necessity. Jobs are not just statistics, they are a source of dignity, stability, and hope. The Islamic Development Bank Group remains fully committed to unlocking capital, scaling local solutions, and reshaping the global narrative from vulnerability to leadership. Let us work together to not only recover, but reimagine and invest in the future of our people.”

DR. ISSA FAYE
Director General of Global Practices Partnerships
Islamic Development Bank
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“Where countries need support, the IMF will be there, especially for vulnerable members such as those who are part of the V20 group. We are committed to staying at the forefront of the emerging challenges, staying agile by adapting our toolkit, advice, policies and procedures, and capacity development.”

BO LI
Deputy Managing Director
International Monetary Fund
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“We aim to mobilize resources to finance green projects, notably critical infrastructure, and by pooling funding, it can facilitate issuing local green bonds, but also attract private investors. In these challenging times, I think innovative financing models will be key to unlock investment to combat climate change.”

THOMAS ÖSTROS
Vice-President
European Investment Bank
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“The V20 really highlights the reason why we need to provide multilateral support to V20 countries, because of the vulnerabilities about the issues they are facing. And it is interesting, if you hear or look around the table, these are not only low-income countries, they are also middle-income countries. And particularly, small island countries are specifically challenged, and we should not forget this.”

AXEL VAN TROTSENBURG
Senior Managing Director
World Bank Group
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“I hope for enhanced concessionary financial flows, leading to increased equity flows and increased use of guarantees and other insurance instruments, to bridge the dramatic shortfall between the promises and pledges, and the acknowledgement of the very large needs out there and the current crisis of diminished financial flows. We intend to stress the nature of the crisis and the demand on these institutions to help you rise to this extraordinary challenge.”

LORD MARK MALLOCH-BROWN
External Advisor
Bretton Woods at 80 Initiative
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“We must work together to rebalance the system so it channels capital towards resilience and prosperity, not away from it. Reforming this architecture is not charity. It is the only path to ensuring that climate vulnerable economies like Ghana’s can unlock the capital needed for just transitions, sustainable development, and mutual prosperity.”

NII MOI THOMPSON
Chairman of the National Development Planning Commission
Republic of Ghana
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“We need real action. And time is very short for us. For any country, disaster, climate, and challenges are growing day by day. So we hope that — a forum like V20 is a perfect forum, and we are changing our views. I hope that we will all come forward to salvage the planet from the danger of the climate threats.”

DR. SALEHUDDIN AHMED
Finance Advisor
People’s Republic of Bangladesh
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“Public finance and also private investment must be mobilized through clear, predictable policies and supported by planned debt finance and de-risking tools such as concessional loans and guarantee. Access to affordable finance is paramount, and we welcome the finalization of IDA 21. We’re expecting more resources allocated for vulnerable countries. Strengthening institutional capacity and unlocking technology transfer are also crucial so that small island nations like ours can plan, execute, and sustain green projects effectively.”

DR. ‘AISAKE VALU EKE
Prime Minister and Minister for Finance
Kingdom of Tonga
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“In order to ensure swift recovery and financing for climate and disaster risk, the Philippines is currently updating its Disaster Risk Finance and Insurance strategy. This strategy identifies three development objectives in managing the financial effects of natural disasters: to maintain sound physical health necessary to support long-term rehabilitation and reconstruction needs, to develop sustainable financing mechanisms for local governments, and to reduce the impact on the poorest and most vulnerable.”

JOVEN Z. BALBOSA
Undersecretary, International Finance Group, Department of Finance
Republic of the Philippines
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“It will be absolutely critical that CVF-V20 actively engage in the ongoing negotiations, which are taking place in New York. Many of the priorities that are embedded in the Bridgetown Initiative are from your 10 Super Levers. They are in the text that is currently under discussion. You will need to defend them. You will need to build coalitions around them—coalitions among yourselves, among other developing countries, and with the developed countries.”

SELWIN HART
Assistant Secretary-General
The United Nations
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“The risk pools play a pivotal role in working with governments to understand the risk exposures that they face and to create the financial mechanism to pay for climate-induced natural disasters. We underwrite the risks in our various regions and we transfer them to the international reinsurance markets, thereby protecting our communities and providing a financial mechanism that can very quickly pay for the damage caused by the natural disasters.”

LESLEY NDLOVU
Chief Executive Officer
African Risk Capacity
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“Every fraction of a degree matters. We haven’t got any time to waste. Every dollar matters and we need to use it carefully. But most importantly, every life matters on the frontline. And when people try to remove climate change from international communiqués and meetings and institutions, we have to fight back, and we will stand with the V20 in doing that.”

KATE HAMPTON
Chief Executive Officer
Children’s Investment Fund Foundation
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“The 10 Super Levers, when pulled, can release an additional $210 billion of affordable climate finance annually to V20 countries and help avoid economic loss of up to $100 billion. We also look to a successful FFD4 and COP30 with the Belem Health Action Plan and the Baku to Belem Roadmap. The roadmap seeks to increase the amount of climate finance from what has been pledged of $300 billion, to what is required at $1.3 trillion.”

H.E. MOHAMED NASHEED
Secretary-General, CVF-V20 Secretariat
Former President of Maldives
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“It is incumbent upon all of us in climate-vulnerable countries and those who understand the risks faced by climate-vulnerable countries and populations, and those with the capacity, to step up and take this opportunity to fill the gap with deeper and broader South-South collaborations on the science and, indeed, on the science, climate and health nexus.”

H.E. ELIZABETH THOMPSON
Ambassador Extraordinary and Plenipotentiary Climate Change, Small Island States and Law of the Sea
Barbados CVF-V20 Presidency Sherpa
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