With every 0.1 degree rise in the average global temperature, the threats from climate-induced disasters increase disproportionately affecting fragile ecosystems, impacting socioeconomic systems, and fueling instability and volatility.

Small Island Developing States (SIDS) are on the frontlines of the climate crisis. At COP26 SIDS leaders stated that climate action is a matter of survival for these nations, that are facing more frequent and extreme weather events causing devastating damage to the environment, human life, and economies.

Therefore, climate mitigation and adaptation actions are paramount, and access to finance is at the heart of climate action. SIDS are highly vulnerable due to their dependence on imports of goods, services, energy supply, and economies that lack diversification.

The COVID-19 pandemic and impacts from the war in Ukraine have exacerbated these vulnerabilities, decimating tourism, intensifying socio-economic shocks, increasing food insecurity, and raising the costs of fossil fuels, resulting in aftershocks felt across the SIDS that are expected to persist for years.

The need for new growth strategies is critical to address multi-dimensional socio-economic risks, to shift to sustainable development to reduce the reliance on fossil fuels, drive economic growth, and help people cope with the impacts of climate change.

UNDP has been supporting countries to promote green growth, build resilience to crises, and respond to the growing adaptation and mitigation needs through several initiatives including its flagship Climate Promise initiative. The initiative, the biggest of its kind, supports developing countries in delivering their national climate pledges, namely Nationally Determined Contributions (NDC), that set emission reduction targets.