SIDS4 Side Event: The Global Ocean Energy Alliance (GLOEA) “Revitalising SIDS Economies for Accelerated and Sustainable Growth through Ocean Energy”, 27 May 2024, 14:00 – 15:30, Antigua and Barbuda

SIDS4 Side Event: The Global Ocean Energy Alliance (GLOEA) “Revitalising SIDS Economies for Accelerated and Sustainable Growth through Ocean Energy”

DAY 27 MAY 2024, 14:00 – 15:30 (EASTERN CARIBBEAN TIME), Room 11

VENUE: American University of Antigua, ST. JOHN’S, ANTIGUA & BARBUDA

Co-organized by the SIDS DOCK Secretariat and the United Nations Industrial Development Organization (UNIDO) in close partnership with the Kingdom of Tonga, Belize, Republic of Seychelles, Democratic Republic of São Tomé and Príncipe and Austria

Introduction:

Since COP-26, held in Glasgow in November 2021, and the UN Ocean Conference, held in Lisbon in June 2022, the preservation of the ocean health and the greening of marine and coastal industries have been acknowledged as important pillars of global climate mitigation and adaptation action. Moreover, most small island developing states (SIDS) have adopted ambitious green and blue economy policies aiming at economic diversification, decoupling from fossil fuels and enhanced climate resilience. 

Sustainable ocean energy, as a nature-based solution, can become an important enabler of the economic and clean energy transition of SIDS by complementing other variable renewables, the provision of grid auxiliary services, decarbonization of key industrial sectors and as an enabler for productive uses within the vast exclusive economic zones. 

However, despite significant technology advances, cost reductions and ambitious roll-out plans in the Global North, so far SIDS and other lower-income countries have been unable to take advantage of these technologies due to manifold barriers. The market readiness of these solutions vary and there are hardly platforms and financing instruments promoting the transfer of knowledge and technology to SIDS.  

For these reasons, UNIDO and SIDS DOCK launched the Global Ocean Energy Alliance (GLOEA) in 2022. The initiative has the support of various SIDS prime ministers and energy ministers from small island developing states (SIDS) in Africa, Caribbean, Indian Ocean and Pacific. The GLOEA is part of the south-south and triangular cooperation programs promoted under the umbrella of the Global Network of Regional Sustainable Energy Centers (GN-SEC). 

The GLOEA contributes to accelerated transfer of renewable ocean energy technologies to SIDS and coastal lower-income countries. It builds a bridge between the emerging industry and research players, which need to test new solutions in various climates and contexts, and the interest of SIDS to get access to technology, expertise, as well as blue and green financing. The south-south and triangular industry platform provides a maker- and marketspace and shared services, resources and intelligence to ocean energy market enablers, particularly governments, utilities and ocean energy entrepreneurs and industrials.

Over the past months the GLOEA Secretariat was established at the SIDS DOCK headquarters in Belize. Moreover, an indicative SIDS project pipeline was developed and first support to public-private ocean energy partnerships in SIDS was provided. A global programmatic approach to implement the GLOEA in all SIDS regions was developed. Further information is available at: www.gloea.org 

Outcomes and objectives:

The side event is co-organized by the SIDS DOCK Secretariat, the United Nations Industrial Development Organization (UNIDO) in close partnership with the Kingdom of Tonga, Belize, Republic of Seychelles, Democratic Republic of São Tomé and Príncipe and Austria. The event also receives support by the SIDS DOCK Island Women Open Network (IWON) and the Global Network of Regional Sustainable Energy Centers (GN-SEC). It informs on the GLOEA status and explains how it will contribute to the implementation of the new Antigua and Barbuda Agenda for SIDS (ABAS) by 2034 through a global programmatic approach. 

The SIDS4 outcome document has a strong focus on the green and blue economy nexus, as well as renewables and nature-based solutions. During the event, also some examples of the GLOEA indicative project pipeline will be showcased and new public-private partnerships between the ocean energy industry and SIDS will be announced. Participating public and private partners will be encouraged to support the initiative. The side event will feature high-level participation of SIDS Heads of States and Ministers.