The International Renewable Energy Agency (IRENA) and the Alliance of Small Island States (AOSIS) have signed a collaborative agreement at COP26 to strengthen their efforts in mobilizing climate finance and accelerating the deployment of renewable energy (RE) across Small Island Developing States (SIDS). AOSIS represents 44 small islands and low-lying coastal developing states, including 39 SIDS located in the Caribbean, Pacific and Atlantic, Indian Ocean, and South China Sea. This agreement, referred to as ‘Adaptation Day,’ aims to enhance resilience and sustainable development in these vulnerable regions.
Financial Requirements and Renewable Energy Targets:
Based on the initial Nationally Determined Contributions (NDCs), IRENA estimates that approximately $16 billion in financing will be required by 2030 to achieve the respective targets of SIDS. In September of this year, AOSIS and IRENA, through the SIDS Lighthouse Initiative, committed to achieving a total of 10GW of installed renewable energy capacity across all SIDS by 2030. This commitment was part of a joint energy compact submitted to the United Nations. As of the end of 2020, approximately 6GW of renewable energy was operational in SIDS.
Objectives of the Partnership:
The partnership between IRENA and AOSIS seeks to operationalize the Ambitious SIDS Climate Action Summit Package, which was announced in 2019. It aims to increase access to financial de-risking instruments that support the energy transition goals of SIDS by 2030. The collaboration involves 38 SIDS and 31 other partners, including developed countries, organizations, agencies, and private companies. Additionally, IRENA and AOSIS will provide support for the enhancement and implementation of NDCs and sustainable development in SIDS. The partnership also explores opportunities for further renewable energy utilization and energy transition in these regions.
The agreement between IRENA and AOSIS marks a significant step towards advancing renewable energy deployment and climate finance in Small Island Developing States. By working together, these organizations aim to address the unique challenges faced by SIDS in achieving their renewable energy targets and adapting to the impacts of climate change. The partnership will play a crucial role in mobilizing financial resources, enhancing resilience, and promoting sustainable development in these vulnerable regions. As the world seeks to transition to a more sustainable and low-carbon future, the collaboration between IRENA and AOSIS demonstrates a collective commitment to supporting SIDS in their pursuit of renewable energy and climate resilience.
