OECS identifies crucial finance gap at Sustainable Energy for All Global Forum

The Organisation of Eastern Caribbean States (OECS) has identified the critical issue of financing for Small Island Developing States (SIDS) as a key gap in their transition to sustainable energy during the Sustainable Energy for All (SEforAll) Global Forum, held from March 12-15 in Barbados. The landmark event, hosted by SEforALL and the Government of Barbados, welcomed more than 1,300 participants worldwide and mobilized over US $500 million (EC $1.35 billion) to accelerate the clean energy transition in developing countries.

Hon. Konris Maynard, Chairman of the OECS Council of Ministers: Energy and Minister of Public Infrastructure, Energy, Utilities, Domestic Transport, Information, Communication, Technology, and Posts of Saint Kitts and Nevis, noted that despite the availability of finance globally, there remains a disconnect in accessing these funds for sustainable projects in the Eastern Caribbean.

He said: "As the chair of the Council of Energy for the OECS, which is a conglomerate of small island states, we have to figure out how to create that tunnel that allows that finance to flow to where it is needed in our small Caribbean islands.”

Financing the drive towards indigenous, clean, renewable, and affordable energy for all is a key issue for OECS Member States. They have set themselves ambitious but practical goals to develop sustainable energy sources and become more energy independent over the next decade under the Basseterre Declaration they signed in February 2025 in St Kitts and Nevis. 

The financial challenge was a central theme throughout the forum, with discussions focusing on how to streamline financial access for SIDS. This concern aligns with the forum's broader achievements, which included over USD 500 million in commitments announced by various partners to scale energy access, accelerate the clean energy transition globally and substitute fossil fuel generators in a number of developing countries.

Minister Maynard highlighted the importance of initiatives like the Bridgetown Initiative 3.0 and the United Nations Climate Change Conference (COP30) in November in addressing these financial barriers.

He said: "I think initiatives like this, and also the Bridgetown Initiative 3.0, create a framework to help us to reach there. Obviously, overnight, in two days, we're not going to get there, but I think that we are on the pathway, especially as we approach COP 30, where we expect that there can be more commitments, more red tape removed, more bureaucracy removed, such that finance can flow and these projects can get going in order to make us resilient."

The forum provided a unique opportunity for SIDS to have a voice on global platforms, discussing critical issues such as climate justice and financing. The event was also significant as it was held for the first time in Latin America and the Caribbean and was positioned as a key moment on the Road to COP30, with both the COP29 and COP30 presidencies present.

Maynard emphasized: "This is an excellent opportunity for Sustainable Energy for All, because it brings all the important stakeholders from across the globe in a singular space, in a Caribbean space, to discuss how we can move sustainable energy forward for this region and by extension, the world."

He noted that SIDS are disproportionately affected by climate change and require climate justice to ensure they are not left behind in the transition to sustainable energy.

About the Basseterre Declaration:

The Basseterre Declaration, adopted by the OECS Council of Ministers: Energy on February 5, 2025, in Saint Kitts and Nevis, is a landmark agreement that establishes the OECS Decade of Action for Sustainable Energy Development 2025-2035. This declaration represents a significant commitment to sustainable energy development in the Eastern Caribbean region, with ministers pledging to achieve universal access to affordable, resilient, and reliable clean energy solutions across all Member States. The ambitious agenda outlined in the declaration aims to substantially increase renewable energy generation capacity through various sources such as solar, wind, geothermal, and green hydrogen projects tailored to regional needs. The Basseterre Declaration promises tangible benefits for OECS citizens, including lower energy costs, job creation in emerging green sectors, enhanced resilience to natural disasters and economic shocks, and stimulated economic growth through redirected investments.

Learn more about the Declaration: https://bit.ly/oecssustainableenergy

Download the Declaration here: https://bit.ly/basseterredeclaration