Mozambique’s Minister of Finance, Carla Louveira, represented the country on Monday (12) at the 17th V20 Ministerial Dialogue, held in Bangkok, Thailand. The meeting brought together finance ministers from climate-vulnerable nations to discuss ways of financing economic development and strengthening capacity to manage climate-related risks, according to a communiqué cited by Club of Mozambique.

Held under the theme “Development and Implementation in a Multipolar World”, the dialogue took place in parallel with the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group. The V20 is an economic cooperation initiative grouping countries particularly exposed to the effects of climate change. It works in partnership with the Climate Vulnerable Forum (CVF) and serves as one of the principal coordination platforms for finance ministers of member countries. This edition centred on mobilising resources to drive economic development, promote industrialisation, and strengthen the capacity of member countries to address the impacts of climate change.

The meeting was held against a backdrop of increasingly frequent and intense extreme weather events. Faced with this reality, ministers sought not only to expand available financing but also to improve the way resources are mobilised and deployed, in order to meet the needs of the most vulnerable developing nations.

Among the key priorities were access to long-term concessional financing — provided on more favourable terms than standard market conditions — and the mobilisation of private investment. Participants also sought to strengthen country ownership over national development strategies and to promote financial instruments capable of responding to climate shocks, building economic resilience, and developing national capacities.

Also on the agenda were risks associated with El Niño and the prospect of an intensification of extreme weather events during the current year. Projections presented at the meeting pointed to potential cumulative global economic losses of approximately US$3.9 trillion, equivalent to roughly 4% to 5% of global gross domestic product (GDP).

The dialogue convened finance ministers from climate-vulnerable countries alongside representatives of development finance institutions, including multilateral development banks. Partners from the Group of Seven (G7), the Group of Twenty (G20), the Group of Twenty-Four (G24), and the BRICS bloc — representing economies from across different regions of the world — also participated.

Regional and multilateral organisations, private sector representatives, and other development partners were also in attendance. The participation of these stakeholders aimed to reinforce coordination in the mobilisation of financial resources to support economic development and the capacity of vulnerable countries to prevent, withstand, and recover from the effects of climate change.