Climate change finance access in small island developing states: call for action
The Global Green Growth Institute (GGGI) is inviting you to explore innovative and major initiatives to support the access of climate finance by Small Island Developing States (SIDS).
SIDS are particularly vulnerable to climate change due to their geographic locations and high levels of exposure to climate impacts. Although international climate finance has increased in magnitude, small islands face challenges in accessing adaptation finance to cope with slow- and rapid-onset events (IPCC’s Sixth Assessment Report, 2021). As reported by the Oversees Development Institute (OID, 2023), from 2013 to 2020, SIDS have received seven times less finance than least developed countries, 11 times less than lower-middle-income countries, and five times less than upper-middle-income countries.
The International Monetary Fund (IMF) estimates the cost of climate proofing infrastructure in the Pacific SIDS to be in the order of 6.5 to 9% of Gross Domestic Product (GDP) annually. There is a need to quickly mobilize private sector finance towards climate change objectives. To meet the needs of climate change, we must look for more opportunities to mobilize capital markets, including opportunities that arise from regional cooperation as well as domestic actions.
Government of PNG – Mr Simon Kilepa, Minister for Environment, Conservation and Climate Change
Government of Tonga – Mr. Tiofilusi Tiueti, Minister of Finance
Debra Sungi, Manager MRV, Climate Change and Development Authority, PNG and Chair of the Pacific Regional NDC Hub Steering Committee
Mereani Nata, Climate Finance Officer, Climate Change Division, Office of the Prime Minister, Fiji
Anselm Duchrow, Program Director Climate, Environment and Water · Deutsche Gesellschaft für Internationale Zusammenarbeit GmbH
Dr. Achala C. Abeysinghe, Director and Head of Programs, Asia, Global Green Growth Institute