GGGI Advocates for Strengthened Financial Resilience at SIDS4 Conference
Media Release Courtesy GGGI
May 31, 2024 — To address 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). The event explored how the financial sector is strengthening the climate resilience of SIDS.
The event showcased pivotal contributions from the Governments of Fiji, Saint Lucia, the Dominican Republic, and the European Investment Bank, highlighting efforts to enhance 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 the Caribbean, and the lead of GGGI’sdelegation at the SIDS4 Conference. “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 mobilises 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/green investments for Members’ public and private sectors.
About SIDS-CAP
The Small Island Developing States Climate Action Program (SIDS-CAP), led by the Global Green Growth Institute (GGGI) in partnership with the Government of the Grand Duchy of Luxembourg, fosters impactful climate adaptation and mitigation measures in the Pacific and Caribbean regions. Aligned with the SDGs, NDCs under the Paris Agreement, and national adaptation plans, SIDS-CAP promotes collaboration to address climate challenges. Integrating GGGI’s expertise, the program delivers comprehensive climate actions, fostering synergy among country programs. Launched in June 2023, SIDS-CAP targets 20 GGGI SIDS member and partner countries, including 14 Pacific Island Countries and 6 Eastern Caribbean nations. Leveraging the Luxembourg International Climate Finance Strategy 2021-2025, the program mobilises climate finance to drive sustainable development, benefiting millions of inhabitants in vulnerable regions.
About GGGI in the Eastern Caribbean and Pacific
GGGI has established a strong presence in the Eastern Caribbean and Pacific regions, both of which consist of Small Island Developing States highly susceptible to climate risks. In the Eastern Caribbean, GGGI collaborates with the Organization of Eastern Caribbean States (OECS) and local governments on green growth strategies focused on renewable energy, green entrepreneurship, and climate financing to enhance resilience and sustainability. In the Pacific, GGGI supports climate-resilient infrastructure and sustainable resource management, working closely with island nations to secure climate financing and implement projects like coastal protection measures and renewable energy solutions.
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For more information, visit: https://gggi.org
Dinesh Daswani
OECS Communications Unit