Antigua and Barbuda and the Maldives spearheaded a pivotal discussion at COP29 focused on addressing the mounting debt challenges facing Small Island Developing States (SIDS) through an innovative initiative: the Global SIDS Debt Sustainability Support Service (DSSS). Held at the Independent University’s SHARE Hub, the high-level event, “Operationalising Global SIDS Debt Sustainability Support Service: Resilient Prosperity in the Face of Climate Crisis,” convened leaders, experts, and stakeholders.

 

Prime Minister, Gaston Browne and H.E. Dr. Mohamed Muizzu, President of the Maldives, delivered keynote addresses that underscored the urgency of this initiative. Prime Minister Browne highlighted the pressing financial strains climate-vulnerable SIDS face, stating, “The debt overhang facing many SIDS, exacerbated by climate impacts, must be addressed. Our DSSS initiative reflects a shared commitment to sustainable debt management, recognizing that our economic resilience is crucial to the well-being and prosperity of our citizens.”

The DSSS offers a pioneering mechanism tailored to the unique challenges of SIDS. It aims to support SIDS in managing and reducing debt, particularly debt incurred due to climate shocks, while facilitating sustainable recovery efforts. As President Muizzu remarked, “SIDS are at the frontline of climate change, battling rising seas, intensified storms, and other climate-induced shocks. DSSS offers us a pathway toward debt relief and resilience, empowering our economies without compromising our development goals.”

 

The event included a presentation by Ritu Bharadwaj, Director of Climate Resilience and Loss & Damage at IIED, on the design and objectives of the DSSS. The service focuses on integrating climate finance with debt management to alleviate debt pressures in ways that foster sustainable development. This approach will allow SIDS to invest in critical infrastructure, social services, and resilience-building projects, rather than being weighed down by recurring debt cycles.

 

A panel discussion moderated by international climate finance experts further explored the operationalization of DSSS. The distinguished panel included Noelle O’Brien from the Asian Development Bank, Rowan Douglas from the Insurance Development Forum, and Dr. Simona Anamaria Marinescu from the UN, among others. Discussions centered around financing strategies, innovative insurance solutions, and potential UN support for SIDS in achieving debt sustainability.

 

Prime Minister Browne called for enhanced commitment to climate finance, stressing that “climate finance must be seen as climate justice in the face of the injustice polluters have created. This support is not merely aid; it is an investment in our shared planet and our shared future.”

 

The DSSS aims to work collaboratively with governments, international organizations, financial institutions, and civil society to create an inclusive platform for SIDS debt sustainability. The initiative reflects Antigua and Barbuda’s ongoing leadership in climate resilience, reinforcing the nation’s determination to transform SIDS from vulnerable targets of climate impact to powerful exemplars of sustainable growth.

Antigua and Barbuda, alongside the Maldives, urges global leaders, policymakers, and stakeholders to support DSSS as a means to empower SIDS and advance climate justice on the world stage.