Members of the Climate Vulnerable Forum (CVF) championed by the Vulnerable Group of 20 (V20) have given approvement for the establishment of an independent secretariat for the CVF and the V20 Finance Ministers.
They also approved for Ghana to host the Global Secretariat of both organisations, positioning the country to become the centre of global climate advocacy.
The V20 Group approved the treaty at its meeting held on the sidelines of the just-ended UN General Assembly in New York, USA.
The meeting was on the theme: Advancing climate prosperity: Building a resilient global financial architecture for the climate vulnerable.”
President Nana Addo Dankwa Akufo-Addo chaired the forum, and was joined by leaders including the Prime Minister of Barbados, Mia Mottley, and a British Nigerian diplomat and Deputy Secretary-General of the UN, Amina J. Mohammed.
In attendance were Finance Ministers and representatives of the 68 member states of the CVF/V20.
One of the critical objectives of the forum is to facilitate climate resilient growth for its members.
This involves developing programmes that build adaptive capacity, identifying and facilitating access to climate financing from multiple sources, assisting member states to develop climate prosperity plans, carbon markets and exchanges to enable countries access more climate financing while supporting developed partners to meet their net zero targets.
Ultimately, the group seeks sustainable economic growth for its peoples while members ensure that they do their part to keep the world within the recommended 1.5 degree temperature threshold.
The group is also pushing for the advanced rich countries, the most culpable polluters, to deliver on their $500 billion climate finance promise to enable the climate vulnerable economies to adapt mitigating measures.
Ghanaians can benefit significantly from the nation’s membership of the CVF/V20 Group of Finance Ministers because the platforms primarily aim to mitigate the impact of climate change and foster economic resilience and sustainability.
The CVF/V20 is made up of 68 climate vulnerable economies that together represent 1.74 billion people around the world, with a combined GDP of $3.8 trillion.
President Akufo-Addo, who is also the President of CVF, urged the members of the forum to remain united and work towards a common goal of addressing their peculiar vulnerabilities to the global climate crisis.
“As we struggle to overcome the combined pain of climate change and debt, it is important to remind ourselves that what binds us is more than our collective vulnerabilities.
It is our capabilities that define us.
It is our readiness to confront together, existential threats that set us apart,” he added.
He said the willingness of group members not only to learn from one another but to offer solutions that were homegrown and leverage experiences was very essential.
For his part, the Minister of Finance, Ken Ofori-Atta, said the combined voice of the 68 member states which represented more than 1.7 billion people was a powerful force that could be leveraged to achieve the desired goals.
Mr Ofori-Atta, who is the chairman of the Vulnerable 20 (V20) Finance Ministers, said the establishment of an independent secretariat for the CVF and the V20 finance ministers was a key milestone worth celebrating.
The minister said the mandate to host the secretariat was an “amazing affirmation of our country's manifest destiny of relevance”.
Mr Ofori-Atta added that the CVF and V20 which would also champion issues of fair transition, debt restructuring, carbon financing, stranded assets, energy and net-zero targets would do so from Accra.
On the economy, he said with the International Monetary Fund (IMF) mission in the country this week, the government was on track for a successful first review of the programme and also accessing the World Bank’s $900 million Development Policy Operation by the end of the year.
Mr Ofori-Atta said the government also expected to sign a memorandum of understanding (MoU) with the Paris Club by the middle of next month and begin Eurobond negotiations by end of the year.