OECS Highlights Critical Funding Gap for Sustainable Energy at Global Forum

The Organisation of Eastern Caribbean States (OECS) highlighted the critical challenge of securing financing for sustainable energy projects in Small Island Developing States (SIDS) at the Sustainable Energy for All (SEforALL) Global Forum held in Barbados in March 2025. While global finance for sustainable energy is available, accessing these funds remains a significant hurdle for Caribbean nations. Hon. Konris Maynard, Chairman of the OECS Council of Ministers: Energy, emphasized the need to establish mechanisms that facilitate the flow of funding to where it is most needed within the small island states of the Eastern Caribbean. This financial constraint represents a major obstacle to achieving the ambitious goals outlined in the Basseterre Declaration, a regional agreement committed to advancing sustainable energy development over the coming decade. The forum, which mobilized over US $500 million for clean energy transitions in developing nations, underscored the financial challenge faced by SIDS and explored strategies to improve access to funding.

The Basseterre Declaration, adopted in February 2025, serves as the cornerstone of the OECS’s commitment to sustainable energy. It establishes the OECS Decade of Action for Sustainable Energy Development (2025-2035), setting ambitious yet achievable targets for increasing renewable energy generation and achieving universal access to affordable and resilient clean energy solutions. The declaration underscores the region’s commitment to utilizing diverse renewable energy sources, including solar, wind, geothermal, and green hydrogen, tailored to the specific needs of the Eastern Caribbean. Ultimately, the declaration aims to deliver tangible benefits to OECS citizens, ranging from lower energy costs and job creation in the green sector to enhanced resilience against natural disasters and economic shocks, ultimately fostering economic growth through strategic investments in renewable energy.

A primary concern for the OECS at the SEforALL Forum was the difficulty in accessing available global financing for sustainable energy projects. Minister Maynard articulated this challenge, stating that despite the existence of funding, accessing it remains problematic for small island states. He stressed the importance of initiatives like the Bridgetown Initiative 3.0 and the upcoming COP30 in streamlining financial access for SIDS. These initiatives are expected to create frameworks that reduce bureaucratic barriers and facilitate the flow of funds towards essential sustainable energy projects, contributing to increased resilience within these vulnerable nations. The forum provided a platform for SIDS to voice their concerns on global stages, advocating for climate justice and equitable access to funding for their energy transition.

The SEforALL Forum, held for the first time in the Latin American and Caribbean region, served as a critical stepping stone towards COP30, bringing together key stakeholders to address the advancement of sustainable energy globally, with a particular focus on the Caribbean region. Minister Maynard lauded the forum’s ability to convene global actors in a shared space to discuss and collaborate on solutions for sustainable energy development. The timing of the forum, with the presence of both the COP29 and COP30 presidencies, further amplified its significance in setting the agenda for climate action and sustainable energy progress in the run-up to COP30.

The OECS’s participation in the forum highlighted the unique challenges faced by SIDS in the transition to sustainable energy. These nations are disproportionately affected by climate change, making the need for climate justice and equitable access to financing paramount. The vulnerability of SIDS to the impacts of climate change emphasizes the urgency of their energy transition and the importance of global support in facilitating this process. The forum provided a crucial opportunity to raise awareness about these challenges and advocate for solutions that address the specific needs of SIDS, such as streamlined funding mechanisms and tailored technical assistance.

In conclusion, the OECS emphasized the crucial need for accessible financing for sustainable energy projects in SIDS at the SEforALL Global Forum. The forum provided a platform to highlight the disconnect between available global funding and the practical realities of accessing these resources within the Eastern Caribbean. The Basseterre Declaration serves as the region’s roadmap for sustainable energy development, outlining ambitious targets and strategies for achieving a clean energy future. The discussions at the forum, focusing on financial access, climate justice, and the unique vulnerabilities of SIDS, contributed to building momentum towards COP30 and shaping the global agenda for sustainable energy and climate action. The OECS’s active participation underscored the importance of acknowledging the specific challenges faced by small island states and ensuring their equitable access to the resources needed for a successful energy transition.