V20 Key Initiatives
Table of Contents
Task Force on Climate, Development and the IMF
The V20 Secretariat is a member of the Task Force on Climate, Development and the International Monetary Fund, a collaboration of experts from around the world utilizing rigorous, empirical research to advance a development-centered approach to climate change at the International Monetary Fund (IMF). Climate change and policy responses to climate change pose significant risks to financial and fiscal stability, poverty and inequality and the long-run growth prospects of the world economy. As the only multilateral, rules-based institution charged with promoting the stability of the international financial and monetary system to enable longer-run growth, the Task Force argues that the IMF has a central role to play in the transition to a low-carbon and resilient global economy. The Task Force seeks to fill a crucial knowledge gap with reports, technical papers, policy briefs and blogs that span a variety of issues, including transition spillover risks, the fiscal impacts of green transitions, the IMF’s Resilience and Sustainability Trust and more. In addition to the V20, organizations of the Task Force include: G-24, African Center for Economic Transformation, African Economic Research Consortium, Boston University Global Development Policy Center, Centre for Policy Dialogue, Centre for Social and Economic Progress, Financial Futures Center, Macro and Green Finance Lab, National School of Development, Peking University, and United Nations Economic Commission on Latin America and the Caribbean. https://www.bu.edu/gdp/task-force/
Global Shield against Climate Risks / Financial Protection
A G7 and V20 initiative to increase pre-arranged and trigger-based solutions and funding to address the 98% financial protection sinkhole in CVF-V20 member states. The Global Shield is administered by a joint secretariat. The pledged funding for the Global Shield to-date is around EUR 295 million. https://www.globalshield.org/. The aim is to host the Global Shield secretariat function within the CVF-V20 Secretariat by the end of 2025.
V20 Loss and Damage Funding Program
A nimble program to implement loss and damage projects at the community-level in CVF-V20 member states. Phase 1 included implementation of loss and damage projects in Kenya, Malawi and Bangladesh. The implementation is nearing completion around mid-year. Phase 2 that includes implementation of loss and damage projects in the Pacific region and Ghana has been approved by the Board of the CVF-V20 Joint Multi-Donor Fund. Phase 2 implementation will commence once financing agreements are concluded. Phase 3 is a GEF-funded adaptation program for CVF-V20 member states. Final GEF approval in 2024 will kickstart the implementation of at least 50 adaptation projects.
Sustainable Insurance Facility
The V20 Sustainable Insurance Facility (SIF) is a project pipeline facility created to support the development and availability of climate-smart insurance solutions for micro, small, and medium-sized enterprises (MSMEs) in climate-vulnerable nations. The facility operates in the United Nations under the Principles of Sustainable Insurance in collaboration with the Munich Climate Insurance Initiative. https://v20sif.org/
