The multidimensional nature of SIDS' vulnerability has put these states on the front lines of the climate crisis without sufficient access to financing, a dilemma severely exacerbated by other external shocks, such as COVID-19. This has brought a significant economic dip, and in order to meet their needs and “build back bluer,” reimagining financing schemes is more important than ever. Representing more than 19% of the world’s Exclusive Economic Zones (EEZs), SIDS are gaining status as “Large Ocean States” — ready to tap into their vast ocean resources. According to Jorge da Silva, director of the development cooperation directorate at the OECD, through new partnerships, SIDS can broaden their focus from the "US$ 163 billion available in ODA to the US$ 379 trillion available in the financial markets." Worldwide, SIDS are rising to the challenge, collaborating to harness new financing mechanisms for the blue economy, despite international obstacles. Spearheading a debt-for-nature swap deal, Seychelles partnered with the Nature Conservancy to swap its debt in exchange for classifying a third of its ocean territory as marine protected areas, a replicable solution across SIDS. The Pacific Island Forum Economic Ministers established the Pacific Resilience Facility to mobilize US$ 1.5 billion to help build regional climate resilience. Saint Lucia is also working to establish a financing roadmap to achieve its SDGs as well as a Blue Recovery Hub to share lessons across SIDS.
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