Achieving SDGs in Small Island Developing States: Financing the Blue Economy Through Collaboration

Introduction Their remote locations, limited land area, and minimal human and capital resources make small island developing states (SIDS) highly vulnerable to the adverse impacts of climate change, [2] such as rising sea levels that threaten their existence and extreme weather events (for instance, hurricanes and cyclones) that can cause widespread destruction, loss of life and property, and economic setbacks. [3] Climate change also often affects SIDS’ water resources, agricultural output, and fisheries, directly impacting their food security, sustainable development, and economic agendas. Notably, climate change also impacts SIDS’ indigenous livelihoods, cultural heritage, and practices, causing economic marginalisation, discrimination, and unemployment. [4] The COVID-19 pandemic exacerbated an already precarious situation for most SIDS, widely affecting society (particularly health) and the economy, and amplifying existing sustainability challenges. [5] It also slowed the effects of climate change adaptation and mitigation in the SIDS and elsewhere, [6] forcing the SIDS that had been pursuing climate-resilient strategies to divert already-scarce financial resources to support socioeconomic initiatives undertaken to combat the pandemic. [7] The United Nations notes that carbon emissions around the world are returning to pre-pandemic levels, and greenhouse gas (GHG) concentrations are now at record-high levels. [8] Notably, SIDS are responsible for just under 1 percent of these GHG emissions. [9]