Media Release Courtesy GGGI May 31, 2024 – To address the urgent climate crisis in Small Island Developing States (SIDS), the Global – NEWS –
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.
lives.” In addition to highlighting the strategic advantages of accession, President Mussington articulated Saint Martin’s commitment to transferring competencies and successes in vital sectors such as education and health in which they have implemented innovative pilot projects. Saint Martin is dedicated to sharing best practices and contributing substantively to the rest of the OECS offering a wealth of opportunities for collaboration and knowledge exchange.
Through these partnerships, Saint Martin aims to foster deeper collaborations thereby enriching the collective endeavors of the OECS and its member states. As Saint Martin contemplates this transformative journey towards accession to the OECS, it remains steadfast in its commitment to upholding the principles of multilateralism.
The Territorial Council of Saint Martin and the OECS will announce updates on the accession as plans progress. 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’s delegation 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 (SIDSCAP).
“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.
