BRUSSELS, CMC – In a landmark collaboration, the European Union (EU) and the Organisation of African, Caribbean, and Pacific States (OACPS) have announced a joint initiative to implement the outcomes of the 4th International Conference on Small Island Developing States (SIDS4).
This partnership, revealed in a joint press release, aims to address the unique challenges Small Island Developing States (SIDS) face and support their sustainable development goals.
The SIDS4 conference, held from May 27 to 30 in Antigua and Barbuda, culminated in the creation of the Antigua and Barbuda Agenda for SIDS (ABAS).
This agenda, which aligns with the Samoa Agreement, the 2030 Agenda for Sustainable Development, and the Paris Agreement on Climate Change, outlines SIDS’s critical priorities, including environmental sustainability, climate resilience, ocean governance, and sustainable economic growth.
A significant aspect of this collaboration is the development of a Multidimensional Vulnerability Index. This index aims to provide a more comprehensive measure of the challenges faced by SIDS, going beyond traditional economic indicators like GDP and GNI per capita.
The EU and OACPS urge development institutions to incorporate these new vulnerability metrics into their work.
The partnership also emphasizes the importance of reforming the international financial architecture to address global challenges better. This reform effort builds on initiatives such as the Paris Pact for People and Planet, the Bridgetown Initiative, and ongoing work within the G20 and other multilateral organizations.
Financial support is a critical component of this collaboration.
The EU and its member states are currently the largest donors to SIDS, having provided over €1.2 billion in Official Development Assistance in 2022. The European Investment Bank has also channeled €3.47 billion to SIDS through credit lines to local financial institutions.
The EU’s Global Gateway strategy is crucial in this partnership, focusing on investments in various sectors, including digital infrastructure, environment, climate and energy, transport, health, education, and research. A €35 million program explicitly supports African, Caribbean, and Pacific SIDS and coastal countries, funding initiatives like the Bio space programs in the Caribbean and Pacific and supporting the Critical Ecosystems Partnership Fund in the Western Indian Ocean.
Looking ahead, the EU and OACPS have expressed their commitment to working closely with SIDS in preparation for upcoming multilateral events. These include the UN Summit of the Future, the Rio Conventions’ Conferences of Parties, the 3rd UN Ocean Conference, and the 4th International Conference on Financing for Development.
This collaboration marks a significant step towards addressing the unique challenges Small Island Developing States face and supporting their journey towards sustainable development and resilience in the face of global environmental and economic challenges.
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