The Clean Energy Regulatory Reform Advisory (CERRA) is on a mission to help small islands decarbonize seamlessly by establishing the necessary regulatory infrastructure to support the transition. In a significant step towards this goal, CERRA joined forces with the Greening the Islands (GTI) Foundation at the 4th International Conference on Small Island Developing States (SIDS4), held from May 27-30, 2024, in Antigua and Barbuda.

Many islands are heavily reliant on imported fossil fuels, making the shift to renewable energy both a financial and logistical challenge. This dependence creates vulnerability to global oil price fluctuations, which can disrupt local economies. Small islands often lack the capital required to invest in large-scale renewable energy projects. Many Caribbean islands struggle to secure funding for solar and wind energy projects due to their small economies and limited access to international markets. Updating and enforcing regulatory frameworks have also been found to be a significant hurdle. Islands such as Fiji and Tonga, have outdated laws that do not support modern renewable energy technologies and practices.

CERRA participated in a panel discussion titled “Small Islands Leading the Energy Transition: Exploring Roadmaps to 100% Renewables.” Represented by Mr. Roderick Gordon, Founder and Managing Director, CERRA contributed to a dynamic conversation moderated by Gianni Chianetta, Chair of the GTI Foundation. The session focused on unlocking finance for islands to accelerate progress and deploy green investment projects at both public and private levels. The panel, which included distinguished participants such as H.E. Thoriq Ibrahim, Minister of Climate Change, Environment and Energy, Maldives; Francesco Corvaro, Special Envoy for Climate Change, Italy; Celeste Connors, Co-Chair Local2030 Islands Network; Neha Mukhi, Senior Energy Specialist, World Bank; and Gianmarco Litterio, RE International Development, Blusolar, discussed several critical points:

The panel highlighted the key barriers to accessing finance for small islands, with Roderick Gordon emphasizing the challenges of “regulatory and institutional capacity, and the need to update laws and policies to ensure they are aligned with clean energy goals.”

The need for governments to create enabling environments for renewable energy investments was reinforced. This includes developing clear policies, offering incentives, and ensuring transparency in regulatory processes. The panelists discussed the crucial role that investors and multilateral financial institutions play in providing the necessary capital and technical expertise. Partnerships with organizations like the World Bank are essential for mobilizing resources and ensuring successful project implementation.

The collaboration between CERRA and the GTI Foundation at SIDS4 signifies strength in a collaboration that will seek to propel the clean energy transition for small islands.