Intervention by Minister of Environment and Energy H.E Thoriq Ibrahim

High Level Event: From Billions to Trillions: Mobilizing Private Sector Climate Finance

Venue: CR 12 | Tuesday, September 19, 2017; 1:15-2:30 p.m. EDT


I would like to thank the governments of Sweden and France, along with WRI for convening this useful and important discussion.

Given our time is limited, let me highlight a few key highlights on the mobilization of private sector climate finance from a small island perspective.

For nearly three decades, the Alliance of Small Island States has been leading the international effort to address climate change. Under the Paris Agreement, Small Island Developing States have submitted some of the most ambitious nationally determined contributions. Central to these NDCs is a rapid transition to renewable energy systems.

For small islands we have some success in attracting private capital for renewable initiatives. However, even these projects often require public funds from developed countries, through the GCF and other channels, to make them viable.

On the other hand, private capital is very difficult to attract to adaptation projects, such as the fortification of existing infrastructure. For these projects, leaving aside loss and damage, we must rely on developed country leadership and support.

Small islands also experience an array of unique challenges in accessing capital, where simplified processes for accessing climate finance are needed, since highly complex procedures can pose obstacles to smaller countries with limited staff and institutional resources.

I would lastly like to mention that the Maldives, in partnership with IRENA, will be hosting an AOSIS ministerial meeting in Malé on 10-11 October focused on renewable energy in SIDS. Small island developing states are deeply committed to the goal of transforming our energy systems.

This ministerial event, along with subsequent activities under our Initiative for Renewable Island Energy, will facilitate greater cooperation with our regional international partners.

I would be happy to provide further information on the upcoming event to anyone who is interested.