Tuesday 19th of March 2024
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   National
V20 Climate Vulnerables Finance Summit tomorrow
  Date : 19-03-2024

Online Desk : The V20 Climate Vulnerables Finance Summit will be held tomorrow through virtual platform with the participation of heads of Governments, G20 ministers and international agencies to bolster the decisive climate actions ahead of the COP26 Glasgow.

The Summit will be opened by Prime Minister Sheikh Hasina who is currently the Chair of the Climate Vulnerable Forum (CVF) and will be attended by the heads of State/Government from the CVF.

The virtual Summit will feature Heads of State/Government from Climate Vulnerable Forum member countries including Colombia, Costa Rica, Ethiopia, and the Marshall Islands; V20 finance ministers from countries including Afghanistan, Bangladesh, Bhutan, Burkina Faso, Costa Rica, Dominican Republic, Ghana, Haiti, Ethiopia, Fiji, Grenada,
Honduras, the Maldives, Marshall Islands, the Philippines, Timor-Leste, and Sri Lanka along with Minister of Foreign Affairs and Minister of Environment, Forestry and Climate Change of Bangladesh.

Finance Minister AHM Mustafa Kamal, Chair of V20, while addressing a virtual press conference today disclosed the details of the Summit which will be attended by Heads of State/Government, G20 and major International Financial Institutions, including the Secretary General of the United Nations.

The summit scheduled to be held tomorrow from 7.30-9.50 pm is poised to become one of the most crucial and eminent platforms for decisive climate action in the lead up to COP26 Glasgow.

Minister for Environment, Forest and Climate Change, Md. Shahab Uddin; Special Envoy of CVF Presidency of Bangladesh, Md. Abul Kalam Azad; Secretary of Economic Relations Division Fatima Yasmin and Secretary of the Ministry of Environment, Forest and Climate Change, Md. Mostafa Kamal, also spoke at the virtual press conference.

Speaking at the press conference, the Finance Minister said, "In this summit, there will be a high-level roundtable dialogue of the Ministers of Finance and representatives of Vulnerable Twenty Group (V20) with key partner Governments from the G7, G20 and international finance and development partners".

He said the Summit outcome `Communique to articulate` will be the core priorities and initiatives of the V20 member economies following the G7 Summit and ahead of the G20 Climate & Energy Joint Ministerial and G20 Summits which represent a key interval on the road to COP26 in Glasgow.

Answering to a question, Kamal said climate change is a real threat to the world community, humanity and human civilization and the developed countries that are responsible for carbon emission and climate change would have to come up with their committed support to the affected countries. "We people (people of Bangladesh) are not
responsible for climate change and global warming,"

Citing the examples of the Maldives and the city of Jakarta which are likely to be submerged with the sea level rise with the passage of time, Kamal said that the coastal districts of Bangladesh are also under the threat of vulnerabilities.

"The advanced economies which are responsible for fossil fuel will have to come up with support to the affected countries.......we`ve to mitigate the problem of climate change so that we can lead a better life and leave a nice planet before our future generation, "he said.

Replying to another question, the Finance Minister said the Awami League government is committed for the safety and security of the country`s citizens and the government has been rightly doing this job since 2010.

Kamal informed that the government has been spending $2 billion on average every year since 2010 for climate change adaptation and mitigation purposes while the allocation in the current budget is roughly $2.9 billion for climate change mitigation and adaptation.
"Our government is very much active in this regard and we`re taking care of the issue,"

When asked who are actually responsible for carbon emission and what steps are being taken against them, he said the rich or the developed countries are responsible for carbon emission as those countries use fossil fuel adding that public opinion is being formed
against the large emitters.

The Finance Minister hoped that the global leaders would find out a way on how to save this planet and thus award a nice world before the future generation.

Replying to another question about the government`s move to scrap 10 coal-fired power plant projects, he said that the government is going with the Rooppur Nuclear Power Plant since it is fossil fuel free.

He opined that Bangladesh could not go for large-scale solar power production since it does not have enough land. "Our government is pursuing a correct policy." Kamal added.

Minister for Environment, Forest and Climate Change Md Shahab Uddin said that Bangladesh is one of the most vulnerable countries due to climate change while the developed countries that are responsible for carbon emission would have to come forward with support to the affected countries.

"All these issues will be raised strongly at the Climate Vulnerable Forum (CVF)," he added.

Abul Kamal Azad said that demands would be raised for realizing $500 billion commitments of support from the developed countries to the affected developing countries due to climate change.

Replying to a question, he said that the global environment organizations do various studies to ascertain the actual loss of a country due to climate change while Bangladesh needs to advocate for such types of studies.

Azad informed that the government has decided to launch a programme to develop national "Mujib Climate Prosperity Plan" to help mobilize resources for implementation of a new pathway to secure the future of people.

Formed in 2015, the V20 Group of Finance Ministers is a dedicated cooperation initiative of economies systematically vulnerable to climate change. It is currently chaired by Bangladesh. At present, the V20 membership extends to 48 countries.

The V20 represents economies of a collective 1.2 billion people with some of the consistently highest growth rates in the world yet facing existential threats from growing perils of climate change.

Collectively, V20 countries seek a transformational approach to global economic activities anchored in keeping global warming to below 1.5 degree Celsius while simultaneously maintaining the growth trajectory of the world economy.

In close cooperation with the United Nations, International Financial Institutions and key development partners, the noteworthy dialogue will shape globally cooperative responses on a global magnitude, in order to ensure fast-tracked efforts in building
resilience.

Partners represented by at least 25 Finance Ministers, UN Secretary General, Heads of State/Government from Ethiopia, Costa Rica, Colombia and the Marshall Islands, United States Special Presidential Envoy for Climate, World Bank (WB) President, Asian Development Bank (ADB) President, Asian Infrastructure Investment Bank (AIIB) President, European Investment Bank (EIB) President, Global Environment Facility
(GEF) CEO, Green Climate Fund (GCF) Executive Director, International Renewable Energy Agency Executive Director, United Nation University`s Institute for Environment and Human Security, United Nations Environment Program (UNEP), Insurance
Development Forum, and other stakeholders will constitute the parties in attendance at the summit. BSS



  
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