During the Fourth International Conference on SIDS (SIDS4) in Antigua and Barbuda, President of Palau Surangel Whipps emphasized the urgent need for increased climate funding in order to move from mere words to effective action. This sentiment was echoed by other representatives, including Germany’s Special Envoy for climate action Jennifer Morgan, who highlighted the need for a just and fair transition away from fossil fuels and financing resilience and adaptation. However, there was some positive news as the Organisation for Economic Cooperation and Development (OECD) announced that a total of $115.9 billion had been raised in 2022 for climate action in developing countries, showing progress is being made towards the goal set by COP15 in 2009 to mobilize $100 billion per year for climate action in the developing world by 2020.
The interactive dialogue also focused on building on commitments made in Dubai, including the establishment of the Loss and Damage Fund to help SIDS and other vulnerable nations mitigate the impacts of extreme weather, rising sea levels, and coastal erosion. President Whipps stressed that increased support for SIDS is not only vital for their survival, but also essential for addressing global climate challenges. He called for robust and accountable international climate finance mechanisms that deliver real results.
Minister for Finance Economic Planning and Trade of the Seychelles Naadir Hassan also emphasized the need for action on the ground, citing the urgent need for funds to materialize in SIDS economies. He lamented that many SIDS are categorized as Middle-Income, making them ineligible for concessional financing reserved for the poorest countries. This highlights the need for a change in the global financial architecture to better support SIDS in their efforts to adapt to the changing climate.
Denmark’s Special Envoy for Climate Tomas Anker Christensen provided reassurance from a major funder’s perspective, highlighting the success of the OECD report and Denmark’s pledge to donate to the Loss and Damage Fund. He also noted that the Green Climate Fund took seven to eight years to become operational, while the Loss and Damage Fund will be up and running in just two years.
The Executive Secretary of the UN Framework Convention on Climate Change (UNFCCC) Simon Stiell emphasized the need to shift from words to action, noting that while there has been progress in terms of language and alignment, momentum for action is lacking. He also welcomed the OECD figures and highlighted the opportunity for SIDS to consider the economic transformation that comes with transitioning to renewable energy.
In addition, the UN Development Programme (UNDP) and the Global Environment Facility (GEF) launched a new $135 million Blue and Green Islands Integrated Programme (BGI-IP) to support nature-based solutions in fifteen SIDS. This initiative represents a new wave of support for SIDS as they enter the Decade of Action from 2024 to 2034.