COP29 Side Event - ¡°Strengthening Public-Private Partnerships for a Green and Resilient Transition in Small Island Developing States¡±
Global Renewables Hub
Background
Small Island Developing States (SIDS) stand at a critical juncture, disproportionately impacted by the adverse effects of climate change while grappling with high energy costs due to their reliance on imported fossil fuels. This paradox leaves them vulnerable to external economic shocks and environmental crises, stifling their sustainable development efforts. The energy transition in SIDS is not just about reducing emissions¡ªit is a pathway to building resilient economies, enhancing energy security, reducing costs, and fostering socio-economic development.
However, the transition to renewable energy is complex, requiring substantial investment, technological innovation, and capacity building. Public-Private Partnerships (PPPs) can play a vital role in overcoming these challenges by unlocking access to financing, providing technical expertise, and creating robust policy frameworks that support the development of sustainable and resilient energy systems.
The , the outcome document of the Fourth International Conference on SIDS (SIDS4), emphasizes the urgency of building resilient economies by expanding productive capacities, promoting resilient tourism, and sustainable ocean-based economies. It highlights fostering safe, healthy, and prosperous societies through gender equality, youth empowerment, and strong health systems, and underscores the critical importance of energy transitions and infrastructure development for SIDS' long-term security.
Furthermore, SIDS Lighthouses Initiative (LHI) coordinated by the International Renewable Energy Agency (IRENA), celebrating its 10th anniversary, has demonstrated the growing commitment of SIDS and partners. Since 2014, there has been a 240% increase in renewable energy uptake in SIDS, totaling 8.7 gigawatts by the end of 2023. While progress is promising, achieving the renewable energy targets set by SIDS¡¯ Nationally Determined Contributions (NDCs) will require over USD 10 billion in investment, and AOSIS estimates the true cost may be ten times higher, considering the frequent natural disasters SIDS face.
To overcome these barriers, SIDS need genuine partnerships, innovative financing solutions, such as "debt-for-climate swaps," and enhanced international cooperation to make renewable energy projects bankable and resilient. The energy transition also demands investment in local entrepreneurship, ensuring that SIDS¡¯ economies benefit from renewable projects while building local capacity for the maintenance and expansion of clean energy systems. The outcomes of the SIDS Global Business Network Forum 2024 hosted by UNOHRLLS held in May 2024 as the private sector track of the Fourth International Conference on SIDS (SIDS4), outline the need for government leadership, collaboration, and innovation in blue-green development plans. They also stress the importance of collaboration between investors and community leaders to support new ideas and create opportunities and propose the development of a platform to collaboratively design blue-green development roadmaps and connect initiatives to funding sources. High-Level Dialogues facilitated by IRENA through the SIDS Lighthouses Initiative¡ªincluding the SIDS Ministerial in the margins of the 14th Session of the IRENA Assembly and side events at SIDS4 and the World Utilities Congress¡ªsupport these priorities by underscoring the importance of enabling policy and regulatory frameworks that attract and sustain private sector investment.
In this regard, this side event being organised by UNOHRLLS and IRENA through the SIDS Lighthouses Initiative showcase successful models of collaboration, aligning with the priorities of the Antigua and Barbuda Agenda for SIDS, SIDS Lighthouses Initiatives and the outcomes of the SIDS Global Business Network (SIDS-GBN) Forum 2024, while identifying actionable pathways to accelerate clean energy transitions and climate action in line with national, regional and international objectives.
Event Objective
This event aims to explore how strategic partnerships can support SIDS in overcoming the challenges of their energy transitions and climate action, focusing on fostering public-private partnerships to unlock investment, build local capacity, and develop innovative solutions that enhance resilience and sustainability.
Documents
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