The Multidimensional Vulnerability Index and Small Island Developing States (SIDS)
Small Island Developing States (SIDS) face a unique set of vulnerabilities which impede their ability to achieve sustainable development. Structural factors, including their size, remoteness, and exposure to climate risks and natural disasters impact socio economic outcomes and their ability to achieve the SDGs. The COVID-19 pandemic exacerbated those vulnerabilities with many SIDS countries being particularly affected by the drop in international tourism and remittances.
SDSN together with the United Nations Resident Coordinators in SIDS and the Permanent Mission of Antigua and Barbuda hosted on 12 July 2021 a High-Level Political Forum (HLPF) side event to discuss the issue of measuring multidimensional vulnerability, and its relevance for international financing mechanisms.
The event featured keynote interventions by Prof. Jeffrey D. Sachs (Director, SDSN), OHRLLS Under Secretary-General Courtenay Rattray, H.E. Ambassador Extraordinary and Plenipotentiary Walton Webson (Permanent Representative of Antigua and Barbuda to the United Nations), Senior Minister of Guyana Dr. Ashni Singh and H.E. Ambassador Chet Donovan Neymour of the Bahamas to the United Nations. They all recognized the urgent need to better measure and respond to SIDS structural vulnerabilities, including through dedicated financing mechanisms and increased fiscal space.
The event was attended by representatives from international organisations and multilateral development banks, SIDS public officials, civil society organisations, and representatives from academia. It consisted of two panel discussions on (i) Measuring Multidimensional Vulnerability post COVID-19 and staying on track for Agenda 2030, and (ii) International financing to address multidimensional vulnerability in SIDS.
The first panel, moderated by Dr. Simona Marinescu UN Resident Coordinator Samoa, discussed the new pilot framework and Multidimensional Vulnerability Index (MVI) prepared by SDSN and the UN Resident Coordinators in SIDS. Panellists underlined the importance of identifying and measuring SIDS structural vulnerabilities for building resilience, promoting SDG progress, and developing dedicated funding mechanisms for SIDS. The pilot MVI is now published in a new SDSN Working Paper: The Decade of Action and Small Island Developing States.
Moderated by Mr. Elliott Harris, Assistant Secretary-General for Economic Development and UN Chief Economist , the second panelprovided an opportunity to discuss the need for a more equitable international financing system based on countries’ needs and vulnerabilities, not solely on GDP per capita. Concerted efforts and enhanced support are needed for SIDS to progress on the 2030 Agenda. Official Development Assistance (ODA) and innovative public and private financing can play an important role. Senior Minister Dr. Ashni Singh from Guyana and UN RC of Jamaica Dr. Garry Conille shared their views on financing challenges in their countries. Senior representatives from the International Monetary Fund (IMF), the Organisation for Economic Co-operation and Development (OECD) and the Inter-American Development Bank (IDB) provided further insights into their work on addressing vulnerabilities and access to financing for SIDS.
SDSN and SIDS UN Resident Coordinators will continue to work closely together in the refinement of the MVI, and on SDG progress and financing for SIDS. The outcome of the 12 July 2021 discussions will inform the next steps of this process and further consultations and exchanges are planned in the coming months with various SIDS stakeholders to address vulnerabilities and SDG challenges in SIDS, including through targeted financing mechanisms and better data.