The fourth International Conference on Small Island Developing States dubbed ‘SIDS4’ was held on 27 – 30 May 2024 in St John’s, Antigua and Barbuda. The Commonwealth Secretariat held a side event at the conference on 29 May on the theme of 'Building Resilient Economies for a Common Future', in Room 3 at the American University of Antigua.
The side event which was jointly organised with the Governments of Fiji and Samoa, focussed on revitalising the economic activities of small states towards achieving resilient economies.
The event was in three sessions and participants discussed the below themes:
(i) Economic Vulnerability
- Economic diversification through:
- Promoting sustainable tourism
- Trade & Investment - Mobilising domestic resources for fiscal sustainability
(ii) Climate Action
- Innovative financial instruments for climate change adaptation and loss and damage in small states.
- Sustainable energy transition.
- Enhancing capacities to accelerate access to climate finance such as the Commonwealth Climate Finance Access Hub.
- Nature-based solutions and technologies for enhanced resilience in the small states.
(iii) Access to Concessional Finance and Elevating Debt Levels
- Commonwealth Call for the Reform of the Global Financial Architecture.
- Fiscal & long-term debt sustainability through:
- vulnerability-based allocation of concessional finance.
- niche debt swaps.
- establishment & operationalisation of a network for borrowers.
The event provided an opportunity for the Commonwealth Secretariat to present innovative financial instruments whilst forging partnerships to support small states to attain climate-resilient economies. The Secretariat showcased evidence-based knowledge products and initiatives on the above themes.
The agenda encompassed initiatives designed to bolster capacities for swift access to climate finance, including the Commonwealth Climate Finance Access Hub, along with nature-based solutions and technologies tailored to enhance resilience in small states. Moreover, discussions regarding debt management and access to finance explored measures to integrate vulnerability considerations into the allocation of development finance.
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