This paper examines the macro-financial risks climate-vulnerable countries face, particularly regarding sovereign risk, debt sustainability, and the cost of capital, with a focus on the V20 group of 48 vulnerable countries. It reviews the IMF's current efforts and outlines ten recommendations for a joint V20-IMF Action Agenda, aiming to enhance support for climate-vulnerable economies through improved climate risk analysis, technical assistance, and financing mechanisms to bolster resilience and development in the face of climate-related challenges.