In an effort to combat the challenges posed by climate change and to propel the Sustainable Development Goals (SDGs) agenda forward, the British Virgin Islands (BVI) has joined forces with the United Nations (UN) to facilitate better access to development finance for Small Island Developing States (SIDS) in the Eastern Caribbean.
The recent collaboration between the BVI Government and the UN comes at a critical juncture as Small Island Developing States grapple with the mounting costs associated with climate change adaptation and achieving sustainable development targets by 2030.
A government-commissioned media release highlighted developments from a recently convened ‘Policy Dialogue on Improving Access to Development Finance in Eastern Caribbean Overseas Territories’. The initiative which was spearheaded by the BVI Government and co-chaired with the UN Resident Coordinator’s Office for Barbados and the Eastern Caribbean (RCO) was aimed to address the pressing issue of limited access to development finance faced by governments in Anguilla, BVI, and Montserrat, which do not meet the criteria for such financing.
Among the discussion were the challenges hindering the Eastern Caribbean Overseas Territories’ ability to secure concessional financing, grants, and climate finance, crucial for building sustainable and climate-resilient societies. The vulnerability of Caribbean SIDS to external shocks, such as hurricanes, was also underscored, emphasizing the urgent need for international donors and development banks to consider vulnerability as a key criterion when allocating development finance.
Various funding mechanisms were also deliberated upon, including green finance, private climate finance, adaptation finance, and blended finance, as potential avenues to support sustainable development and climate resilience efforts in the region.
Following the dialogue, commitments were made by the BVI Government, the UN system, and other participants to develop a roadmap aimed at enhancing access to development finance for Eastern Caribbean Overseas Territories based on their vulnerability. Additionally, concerted efforts to advocate at regional and international levels for increased access to development finance were pledged.
Benito Wheatley, BVI Representative to the UN system in Latin America and the Caribbean, lauded the collaborative initiative, emphasizing its significance in unlocking vital development finance for Eastern Caribbean Overseas Territories and other SIDS. He reiterated the need for sustained efforts to address the challenges posed by climate change and to ensure that no one is left behind in the pursuit of sustainable development goals.
Nearly 80 participants from 14 UN agencies, the Caribbean Development Bank (CDB), the Organisation of Eastern Caribbean States (OECS), the United Kingdom (UK) Government, the Aruba Government, and the governments of Anguilla, BVI, and Montserrat, participated in the dialogue.
As the Fourth International Conference on Small Island Developing States (SIDS4) approaches in Antigua and Barbuda from May 27 to 30, the outcomes of this dialogue are poised to catalyze concerted action towards bolstering resilience and sustainable development across the Eastern Caribbean.