The so-called Vulnerable Twenty or V20 member-countries including the Philippines should have a clear roadmap so they could raise an extra $100 billion in funds that would be used to finance projects meant to protect them from the adverse effect of climate change, said Finance Secretary Carlos Dominguez.
“We are asking for a clear roadmap toward the mobilization of $100 billion in additional financing flows to help the most vulnerable countries protect themselves from the ill effects of global warming,” Dominguez said in a speech at the recent V20 High Level Ministerial Meeting held on the sidelines of the recent Annual Fall Meeting of the World Bank and International Monetary Fund in Washington.
He said the financing package will have to be promoted as the crux of the global response to climate change.
“We need to put in more effort in getting the rest of the world involved in shaping the roadmap toward assisting us with the $100 billion in additional financing flows we direly need by 2020,” he said.
Global warming has started to take its toll on vulnerable countries, and for V20 members, “an effective international response has become a matter of survival,” he said.
In becoming an effective forum for tackling fiscal responses and individual actions, the dialogue has opened lines of economic cooperation, he said, and sounded a clear challenge to the existing financial system on how to confront the climate crisis by way of the member-countries’ ambitious proposals for managing their shared risks, he said.
But there is much more to be accomplished in advancing the common advocacy and—because the challenge
facing V20 members is “large and complex”—in crafting an action agenda that must be comprehensive enough to deal with this environmental crisis, Dominguez said.
“We will have to work harder to put this roadmap at the top of the agenda of international financial cooperation,” he said, adding: “Our demand is just and our plight is an urgent one. Our collective voice deserves to be heard.”
V20 was formed a year ago by the world’s 20 countries most vulnerable to climate change, with the Philippines’ finance secretary elected as the first chairperson.
This bloc’s membership has since then increased to 43 countries, and with the Ethiopian finance minister taking over as chairperson in that V20 meeting in Washington.
For its part, the Philippines has invested an equivalent of $20 million of its own resources in a People’s Survival Fund to help build the country’s resilience in fighting climate change.