I thank the co-chairs of the Steering Committee, Samoa and Portugal, for convening us today: As our world faces a multitude of challenges, it is crucial to discuss how these affect SIDS in particular and how we can all learn from SIDS’ resilience.
SIDS partnerships are key to address those challenges. Therefore, I’m delighted to join my colleagues in warmly congratulating the inaugural winners of the SIDS Partnerships Awards. Germany is honoured to support the inaugural winner in the Economic Category “Unleashing the Blue Economy of the Caribbean”. That project is financed through the World Bank’s “ProBlue - Global Program for the Blue Economy Multi-Donor Trust Fund” to which Germany is contributing 60 million USD.
Such partnerships are shining examples of how SIDS can be effectively supported in a way that empowers them.
SIDS are particularly affected by climate change and strive to adapt to its effects and to become more resilient. Germany will continue to support them advance their climate-resilient development.
As a leading donor in international climate finance, Germany acknowledges that this means providing effective and accessible climate finance to SIDS.
We are exploring new ways to support SIDS in (1) implementing their NDCs and (2) in preparing for, and responding to, the immediate financing needs after climate disaster has struck.
Two brief examples from two regions: In the Pacific, Germany has been providing substantial funding to the Regional Pacific NDC Hub that supports 14 Pacific Island countries in implementing their NDCs. We will continue to fund the Hub’s work in its next operational phase. In the Caribbean, Germany supports the regional NDC Finance Initiative, which promotes investment in resilient and low-carbon infrastructure projects.
Preventive action, such as climate risk insurance, plays a key role in enhancing SIDS financial resilience. We want to make financing for climate risk management more effective and accessible for SIDS:
Under Germany’s presidency, the G7, in close collaboration with the V20 group of climate-vulnerable countries, works to strengthen the Climate and Disaster Risk Finance and Insurance Architecture [CDRFI] by creating a Global Shield against Climate Risks. Building on the InsuResilience Global Partnership, the Global Shield aims to provide the most affected countries with better access to climate risk finance, adapted to local contexts. It will support vulnerable countries in analyzing their climate risks and in developing comprehensive country packages targeted to their needs.
We look forward to continue to strengthen our partnership with SIDS: Just this weekend our Foreign Minister Annalena Baerbock was in Palau and underscored Germany’s comprehensive commitment to “Big Ocean States”, in the Pacific and beyond.