Climate Vulnerable Forum and Vulnerable Twenty Fund (CVF & V20 Fund)

The complexity of climate change action across multiple policy pillars (environmental, social, economic, etc.) presents challenges, particularly for small island developing states (SIDS) and least developed countries (LDC). 74 of the most climate threatened nations constitute the Climate Vulnerable Forum (CVF) and the Vulnerable Group of Twenty (V20). They have established the CVF & V20 Joint Multi Donor Fund to enhance members’ capacities to deliver on key priorities on climate action, both in terms of mitigation and adaptation. Through its activities, it aims to contribute to the implementation of the UNFCCC, the Paris Agreement, as well as the UN Sustainable Development Goals (SDGs), with particular focus on Goal 13 on Climate Action. The Fund works to help accelerate climate action, in particular through effectively implemented and further strengthened Nationally Determined Contributions (NDC), creating development benefits for local populations.

Project data

IKI funding: 4,760,640.64 €
Duration: 12/2020 till 12/2026
Status: open
Implementing organisation: United Nations Office for Project Services (UNOPS)
Political Partner: Diverse climate change relevant institutions in the respective partner countries/Diverse klimarelevante Institutionen in den entsprechenden Partnerländern
Implementing Partner: CVF-V20 Secretariat
Online: https://cvfv20.org/cvf-v20-joint-multi-donor-fund/

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State of implementation/results

Accra-Marrakech Agenda was adopted in October 2023; calls for reform of the international financial system to better support climate vulnerable countries; including debt relief and complete shift to green and resilient public investments by 2030 (www.v-20.org/…)
V20 and G7 jointly launched Global Shield against Climate Risks at COP27 with initial contribution of 210 mio. euros (www.bmz.de/…). The CVF & V20 JMDF serves as one of the three Finance Vehicles of the Global Shield.
V20 participation in the G20 First Sustainable Finance Working Group (SFWG) virtual meeting in February 2024 (g20sfwg.org/…);
Support in the development of climate prosperity plans in individual CVF & V20 members states; these plans do not only list goals for mitigation of emissions and adaptation to climate change, but complement those with economic and social objectives; work completed in Bangladesh, Barbados, Ghana, and Sri Lanka; currently under way in Bhutan, The Gambia, Haiti, Madagascar, Pakistan, Philippines, and Rwanda.
Launch of the V20 Debt Review (2nd Edition): An account of debt in the Vulnerable Group of Twenty in April 2024 (www.v-20.org/…).
The Fund continued its support for the vulgarisation of the third edition of the Climate Vulnerability Monitor (CVM3) through the book “From Crisis to Action: Climate Change through the Eyes of the Most Vulnerable”. The book was launched at COP29 and will be published in 2026. (cvfv20.org/…);
Fellowships: The Joint Multi-Donor Fund (JMDF) will support fellowship programs across the CVF-V20 membership in order to accelerate capacity and coordination in the climate and international financial reform agenda. Fellowships include: CVF Youth, V20 Finance Ministers, V20 New York missions, and CVF delegates participating in IOM discussions.
V20 Finance Ministers decided in April 2023 to set in motion the establishment of an independent stand-alone secretariat for the CVF and V20, which will be fully accountable to the presidency, troika, and the national membership. (www.v-20.org/…). Ghana supported the decision generously and offered its capital Accra as location. In December 2023, Mohamed Nasheed, former President of The Maldives, was appointed first Secretary-General of the organisation.
The CVF & V20 JMDF has been set up in December 2020 through the contribution of Germany via the International Climate Initiative (IKI) and Bangladesh and the Marshall Islands. The Fund is administered by the United Nations Office for Project Services (UNOPS). The Technical Secretatiat of the Fund was implemented until February 2024 by the Global Center on Adaptation (GCA).
Members of the Fund Board are the three members of the so called CVF troika (Barbados currently as troika head, Ghana and Bangladesh) and up to three donors. These are the IKI and the two foundations Quadrature Climate Foundation of the UK and Sequoia Climate Fund of the USA.