V20-Sustainable Insurance Facility (SIF) Accreditation
January 2023 – December 2024 | Barbados, Bangladesh, Costa Rica, Fiji, Ghana, Jamaica, Malawi, Pakistan, Philippines, Samoa, Senegal, Tonga & Uganda

Project Overview

The Vulnerable Twenty Group of Ministers of Finance (V20) of the Climate Vulnerable Forum (CVF) is a dedicated cooperation initiative of economies systemically vulnerable to climate change. The V20 convenes the highest level of decision makers. The group works through dialogue and action to tackle topics like financial protection against climate risks, the relationship between climate vulnerability and the cost of capital and the broader financial stability of climate vulnerable countries. 

One lighthouse implementation initiative is the V20 Sustainable Insurance Facility (SIF) hosted by the UN Environment Programme’s Principles for Sustainable Insurance (PSI). The SIF is a project pipeline development facility within the Climate Vulnerable Forum and V20 Biennial Work Plan. It assists V20 economies in scoping the climate related financial protection needs of micro, small and medium-sized enterprises (MSMEs), which make up 80% of the economic power and a great source of employment in V20 countries.  In addition, it facilitates concept and proposal development for submission to funding vehicles relevant to climate and disaster risk finance. MCII is supporting the work of UNEP PSI on the SIF Project Office through advice on monitoring, evaluation and learning (MEL) and proposal development. 

Additionally, through this project we are providing strategic and technical advice to the Vulnerable Twenty Group, contributing to the implementation of the G7 and V20 initiative “the Global Shield Against Climate Risks”, which seeks to scale up climate and disaster risk finance and implement projects in vulnerable countries. Additionally, we aim to strengthen capacities and undertake research on the nexus between climate risks – debt and development.