Press Release: @TheCVF-V20: Transform global finance system to make it fit-for-climate; @NAkufoAddo to pass the baton to @miaamormottley, SG @MohamedNasheed #COP28.

The global financial system is failing the most climate-vulnerable nations. @AlJazeera's latest op-ed by Sec-Gen @MohamedNasheed argues that high-integrity carbon markets are a vital lever to unlock billions in climate finance. @wearevcmi

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@TheGlobalShield @icsc_ph @dofgovph Sara Ahmed: By combining adaptation, retention, preparedness, and risk transfer, we can have a more resilient system. The Philippines is already showing leadership, deploying solutions at national and subnational levels, and the private sector.

@TheGlobalShield @icsc_ph @dofgovph She recognized the People’s Survival Fund as a key model for scaling up climate adaptation efforts in the Philippines and noted that, resources permitting, it could potentially expand to include risk transfer mechanisms in the future.

@TheGlobalShield @icsc_ph @dofgovph Sara Ahmed: PH has over 1.2 million MSMEs and tens of thousands of cooperatives that form the backbone of our economy, yet remain highly vulnerable to climate-fueled disasters and face significant hurdles in bouncing back.

@TheGlobalShield @icsc_ph @dofgovph CVF-V20’s Managing Director Sara Ahmed recalled the severe drought that hit the Philippines in 2024, affecting around 3.7 million people with crop losses and water shortages. This demonstrates the urgency for strengthening climate and disaster risk financing and insurance.

@TheGlobalShield @icsc_ph @dofgovph @dofgovph Usec. Tiuseco: We have been confronted with this reality as southwest monsoon and tropical cyclones cost over PHP 2.2 billion in agriculture and PHP 10.5 billion damages in schools, roads, bridges, housing, and other key infrastructure.

@TheGlobalShield @icsc_ph @dofgovph Usec. Maria Luwalhati C. Dorotan Tiuseco emphasized that being a pathfinder country will leverage existing national initiatives, including the Department’s climate finance strategy and the national disaster risk finance and insurance strategy.

@TheGlobalShield Through the workshop, @icsc_ph and @TheGlobalShield seek to identify priority action areas for scaling up pre-arranged finance solutions in the Philippines.

@TheGlobalShield has been active in 13 countries, including the Philippines, since its launch in 2022. Currently, the Philippines is in the process of completing its in-country procedures, stocktake, and gap analysis.

CVF-V20 joins the “Global Shield against Climate Risks Country Workshop in the Philippines” designed to develop a shared understanding of the disaster risk finance landscape and status of financial protection in the country.

The V20 Innovative Financing Committee met virtually today to explore blended finance, green economic zones, critical minerals valuation, and multi-sovereign investment funds to drive #ClimateProsperity. Officials from V20 Finance Ministries, join us on Aug. 15 for Session 2!

RT @TheCVF: The @CIJ_ICJ has spoken: States are legally obligated to reduce emissions & can be held accountable for climate damage. This is….

Lawmakers from the PH and CVF-V20 nations were called to take center stage in pursuit of climate prosperity. @loren_legarda @CCCPHL . #CVFV20 #ClimateProsperityPlan #GlobalParliamentaryGroup.

Philippine Senator @loren_legarda vowed to advance legislative measures in support of the country’s Climate Prosperity Investment Memorandum. #CVFV20 #ClimateProsperityPlan #GlobalParliamentaryGroup.

@MohamedNasheed @icsc_ph SecGen @MohamedNasheed: Knowledge is power—and in the climate fight, data-informed knowledge is transformative power. SPECTRUM is a resounding testament to what civil society can accomplish when empowered, supported, and trusted as an equal partner.

@MohamedNasheed @icsc_ph SecGen @MohamedNasheed: True representation in climate action begins—and ends—with civil society. Without them, our well-intentioned efforts risk being adrift, missing the essential connection to reality crucial for fostering equitable and lasting climate progress.

@MohamedNasheed @icsc_ph At the launching, SecGen @MohamedNasheed talked about the critical role of civil society organizations in fostering community-led solutions and impactful advocacy to amplify the collective voice of the world’s most vulnerable.

@MohamedNasheed @icsc_ph Amb. Thompson: I hope you will translate the insights from SPECTRUM into tangible installation that directly benefit Filipino families and businesses. Take note that affordable capital will be important. This is where implementation will meet and enable the innovation that we see

@MohamedNasheed @icsc_ph Amb. Thompson: When our work is driven by data, people will help power our economies toward the right decisions. Let’s remove the barriers that hinder progress and empower every household, every business, and every local government to help lead nationwide transformation.

@MohamedNasheed @icsc_ph Amb. Thompson: SPECTRUM can equip communities, local governments, distribution utilities, and planners with the tools they need to assess their options with more granularity and invest wisely, build resilience, and design energy systems that leaves no one behind.