St. John’s, Antigua and Barbuda, May 29, 2024 — Addressing the urgent climate crisis in Small Island Developing States (SIDS), the Global Green Growth Institute (GGGI), in collaboration with the Government of the Grand Duchy of Luxembourg, hosted a side event titled “Financial Resilience for Future Prosperity: Empowering Small Island Developing States Against Climate Change” at the 4th International Conference on Small Island Developing States (SIDS 4). This event explored how the financial sector is enhancing the climate resilience of SIDS.
The event showcased significant contributions from the Governments of Fiji, Saint Lucia, Belize, the Dominican Republic, and the European Investment Bank, highlighting efforts to boost the climate resilience of SIDS. Presentations addressed removing barriers to accessing climate finance for adaptation, leveraging the Blue Economy for fiscal sustainability, using climate risk insurance as a fiscal buffer, promoting public-private partnerships for resilience, and fostering financial inclusion to enhance overall resilience.
“SIDS are on the frontline of climate change, facing threats to their economies, ecosystems, and communities. Recovery and adaptation costs strain resources, escalating debt and economic instability,” said Ferruccio Santetti, Regional Director for GGGI Latin America and Caribbean, and the lead of GGGI delegation at SIDS4. “The financial sector is vital for SIDS, driving change through resource allocation, investment strategies, and innovative financial solutions,” he added.
The event also delved into GGGI’s diverse financial programs for SIDS, including Blue Bonds, coastal resilience initiatives, and the Small Island Developing States Climate Action Program (SIDS-CAP). “The SIDS-CAP aims to achieve impactful climate adaptation and mitigation results, fostering synergy among country programs. Targeting 20 GGGI SIDS Members and Partner States, the program mobilizes climate finance to drive sustainable development, benefiting millions of inhabitants in vulnerable regions,” said Arrabothu Dheeraj, Senior Regional Programs Officer at GGGI. Along with the 2030 strategy, GGGI will focus on catalyzing and accelerating access to climate finance and green investments for Members’ public and private sectors.
