Developing countries are taking action for the climate

The member states of the Climate Vulnerable Forum (CVF) have created their own funds to combat the impacts of climate change. Photo: Collected

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The member states of the Climate Vulnerable Forum (CVF) have created their own funds to combat the impacts of climate change. Photo: Collected

The Climate Vulnerable Forum (CVF) was started more than 10 years ago by President Mohamed Nasheed of the Maldives, and has operated since then with another head of government at its helm for a two-year term.

The current chairman of the CVF is Prime Minister Sheikh Hasina of Bangladesh, whose term is due to end later this year, and the president of Ghana will take over. However, Bangladesh’s involvement with the CVF will continue for two more terms as a member of the government troika of former presidents who continue to support the current leader of the forum.

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The CVF was made up of 48 member countries when Bangladesh took office, and has now expanded to include 55 developing countries after Prime Minister Sheikh Hasina led the group at the 26th Climate Change Conference (COP26 ) in Glasgow, Scotland last year.

Over the years, the CVF has become a leading group of countries tackling climate change, and has evolved from highlighting their vulnerability to highlighting their resilience. And now, under Bangladesh’s leadership, it is focusing on climate prosperity with the development of Climate Prosperity Plans, and Bangladesh is set to release its Mujib Climate Prosperity Plan (MCPP).

Another major development that took place several years ago, under the Philippine leadership of the CVF, was the grouping of finance ministers from the CVF countries under the banner of the V20 because, at the time, there were 20 countries members in the group. The V20 is now made up of finance ministers from the 55 FVC countries, chaired by the finance minister of Bangladesh.

One of the very innovative actions taken by the CVF Finance Ministers was the creation of the Joint Multi-Donor CVF and V20 Fund, with initial funding from the CVF countries themselves and then additional contributions from international foundations and the German government. The fund is managed by the United Nations Office for Project Services (UNOPS) on behalf of CVF and V20.

The V20, with the support of the fund, recently launched a major program with a €21 million contribution from Germany to join the InsuResilience initiative to provide support for subsidized climate impact insurance premiums and for a better collection of data on climatic hazards in the FVC Country. We hope this will become an important program to address both adaptation and loss and damage from human-induced climate change.

Another more recent development under the CVF and the Joint Multi-Donor V20 Fund has been the start of a new funding window to support communities suffering from climate impacts in CVF countries and gain support to cope with the impacts of climate change. climate after they have occurred. . As the world has now entered the new era of loss and damage, the CVF and V20 fund is now the first UN fund to work explicitly on climate-related loss and damage.

It is important to note that finance ministers are not involved in climate change negotiations under the United Nations Framework Convention on Climate Change (UNFCCC), but they must seek out the necessary money to make in the face of climatic disasters such as floods, cyclones and droughts. . Therefore, they are now well aware of the adverse effects of climate change in their respective countries. They therefore agreed to set up their own loss and damage fund under the CVF and V20 fund – a climate change victim assistance program that welcomes contributions from others in a spirit of solidarity, and without incurring any liability or responsibility. compensation. .

It is expected that this Loss and Damage Fund and other CVF and V20 programs can initiate both financing and action to address loss and damage from climate change, which could have a positive influence on the upcoming discussions on setting up a facility for loss and damage financing at COP27, which will be held in Egypt in November this year.

Dr Saleemul Huq is the Director of the International Center for Climate Change and Development (ICCCAD) at the Independent University of Bangladesh (IUB).

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