Accessing climate finance : challenges and opportunities for Small Island Developing States

Abstract

Small Island Developing States (SIDS) are being disproportionately and increasingly impacted by the impacts of climate change while their special circumstances make them extremely vulnerable to other external shocks, including the COVID-19 pandemic. SIDS urgently need access to external financial support and capacity to aid their pandemic recovery efforts and to build resilience between the social, economic, and natural systems on which they depend. However, the current climate and development finance architecture is exceedingly complex and unequipped to operate efficiently, fairly, and at the speed and scale needed to meet SIDS needs. This report provides an overview of the main challenges faced by SIDS in accessing climate finance and puts forward realistic, concrete, and actionable recommendations that can support and inform policymakers, funders, and leaders as they prepare for the upcoming climate finance decision milestones at the UNFCCC and in the lead up to the Fourth International Conference on Small Island Developing States (SIDS 4). The report was prepared for UN-OHRLLS, by the Climate Finance Access Network (CFAN), an initiative coordinated by RMI.