Finance Secretary Cesar Purisima said Friday the vulnerable 20 countries, or V20, are expected to incur economic losses of $400 billion by 2030 due to climate change.
“In the absence of an effective global response, annual economic losses due to climate change are projected to exceed $400 billion by 2030 for the V20, with impacts far surpassing our local or regional capabilities,” Purisma said during the inaugural meet of the V20 in Lima, Peru.
Finance ministers represented the 20 countries inclined to suffer the catastrophic effect of climate change during the meeting.
The group, headed by the Philippines, committed to act collectively to “foster a significant increase” of public and private finance for climate action from wide-ranging sources, including international, regional, and domestic mobilization.