Small Island Developing States (SIDS) Sustainable Energy Initiative SIDS DOCK
Posted in: Projects | 15 August 2009Tweet
SIDS DOCK is a SIDS–SIDS institutional mechanism established to facilitate the development of a sustainable energy economy within the small island developing states. The ultimate goal of SIDS DOCK is to increase energy efficiency by 25 percent (2005 baseline) and to generate a minimum of 50 percent of electric power from renewable sources and a 20-30 percent decrease in conventional transportation fuel use by 2033. Some SIDS have announced more ambitious goals for the reduction of fossil fuel based Greenhouse Gas (GHG) emissions. It is estimated that SIDS consume in excess of 220 million barrels of fuels and emit some 38 million tons of carbon from the energy sector.
By providing SIDS with a dedicated and flexible mechanism to pursue sustainable energy, SIDS DOCK will make it easier for SIDS Development Partners to invest across multiple island states. SIDS DOCK will serve as a “DOCKing station” to increase SIDS access to international financing, technical expertise and technology, as well as a link to the European and USA carbon markets – within which the potential value of trading avoided GHG emissions is estimated to be between USD 100-400 billion, annually. The funds generated will help countries develop and implement long-term adaptation measures.
SIDS DOCK has four principal functions:
- Assist SIDS develop a sustainable energy sector, by increasing energy efficiency and development of renewable energy;
- Providing a vehicle for mobilizing financial and technical resources to catalyze clean economic growth;
- Provide SIDS with a mechanism for connecting with the global carbon market and taking advantage of the resource transfer possibilities that will be afforded, and;
- A mechanism to help SIDS generate the financial resources to invest in climate change adaptation.
SIDS Strategy for Sustainable Energy Development in Response to the Impacts of Changing Climate
Scientific evidence shows that small islands stand to suffer disproportionately from climate change impacts such as sea level rise and increased weather-related disasters, declining availability of freshwater and reduce availability of seafood. By developing their renewable energy sources and putting in place energy efficiency measures, the majority of SIDS have significant opportunities to reduce their overall fossil fuel consumption and thus improve their energy security, while at the same time promoting clean economic growth and lessening dependence on costly, imported petroleum fuels. SIDS are highly dependent on fossil fuels, and the majority spend in excess of 30 percent of their foreign exchange earnings, annually. Paradoxically, the vast renewable energy resources of SIDS remain undeveloped. For SIDS, converting renewable energy resources into economic benefits face a number of hurdles including limited availability of financial resources, institutional barriers including human capacity, and access to technology. Development of a sustainable energy sector in SIDS will, in addition to improving energy security and promoting economic growth, also bring about reductions in GHG emissions.
SIDS DOCK will be uniquely placed to work with private sector companies, universities and governments to facilitate research across a range of specific environmental settings, technologies and best practices. This will produce a cyclical effect, as the stabilization of clean energy infrastructures will attract increased private sector and foreign investment. Further, SIDS DOCK will also be able to make recommendations to Alliance of Small Island States (AOSIS) Member States on the optimal policy and legal framework necessary to encourage such investment. The associated assessments and research into policies, innovative approaches, and economic incentives will help to standardize and streamline the transition to a low carbon, highly efficient energy economy. SIDS DOCK will finance its operations through a combination of multi-lateral and bilateral grants, philanthropic support and income generation from selected endeavors.
Financing, Institutionalization and Project Implementation
In December 2010, in Cancun, Mexico, SIDS DOCK was launched with four (4) Partners: the United Nations Development Programme (UNDP), the World Bank, AOSIS and the Government of Denmark, which announced a grant of USD14.5 million in start-up contributions. Over the period July 2011 to September 2011, SIDS DOCK Organizational structure was finalized in a series of meetings between the Partners. On December 8, 2011, the SIDS DOCK Steering Committee designated Belize as the Host Country for the SIDS DOCK Secretariat.
Please find more about this initiative at the SIDS DOCK web site