Representatives from island territories across the Caribbean, Pacific, Atlantic, Indian Ocean, and the Arctic, home to more than 1.2 million people, are heading to COP31 in Antalya with a clearer understanding of the financing options available to support their sustainable development and climate priorities. Overseas territories are not parties to the Paris Agreement in their own right. They are covered through the European country or the United Kingdom they are constitutionally linked to, and some were not covered at all until recently. Greenland came under the Agreement only in 2024, through the Kingdom of Denmark. For all of these territories, and not only Greenland, it is that status rather than the scale of their need that places them outside the core climate finance framework. The major multilateral funds are built around sovereign states, and the income per capita of the country a territory is attached to counts it as wealthy. Through the EU-funded Green Overseas Programme implemented by Expertise France, a feasibility study commissioned from ODI Global has assessed 18 financing mechanisms and identified five with potential to support investment across the territories.
The work builds on six years of programme activity, including 31 projects developed in individual territoriescovering climate resilience and energy transition priorities including on water security, coastal management, local food production, climate adaptation plans and strategies, energy efficiency in buildings, electric mobility , integration of renewable energies and access to investment, alongside studies, policy briefs and capacity-building initiatives. The Programme brought together representatives from the 25 Overseas Countries and Territories for a four-day closing Forum in Paris last week, where it presented these findings. It now carries them to COP31 in Antalya. "The funding exists. The challenge is to match OCTs with the right funding opportunities and build their capacity to turn priority projects into fundable proposals ," said Nicolas Andrade, Project Manager of the Green Overseas Programme.
"Six years of GO have helped identify promising and innovative climate-finance pathways tailored to OCTs’ needs " Five financing mechanisms with practical applications Examples from across the territories and the wider Caribbean demonstrate how these approaches can be applied:
● Green and blue bonds. In the Cayman Islands, Caribbean Utilities Company raised USD 50 million in 2024 to finance renewable energy, energy efficiency and climate adaptation projects.
● Carbon markets. Island territories hold significant natural carbon stores, including approximately 4,500 km² of peatland in the Falkland Islands, 930 km² of seagrass meadows in New Caledonia and 800 km² in the Turks and Caicos Islands. These ecosystems offer opportunities to explore carbon finance while supporting conservation and coastal protection.
● Conservation trust funds. On Ascension Island, a GBP 2 million endowment established the AIMPACT fund, which supports environmental activities through investment returns. In Niue, companies and individuals can contribute NZD 250 towards protecting one square kilometre of ocean for 20 years. In the BVI, the British Virgin Islands Climate Change Trust Fund supports climate resilience and the transition to renewable energy, with initial capital of approximately USD 6 million in 2017, financed through the tourism levy (USD 10 per passenger), 40% of which is allocated to the Fund.
● Blended finance. Combining public, concessional and philanthropic funding can help reduce investment risks and attract private capital. In the Caribbean, EU-backed blended finance is supporting start-ups developing commercial products from sargassum seaweed.
● Environmental levies. Aruba charges visitors a USD 20 contribution, creating a predictable local revenue stream for climate infrastructure and conservation. The study highlights that financing approaches need to reflect each territory's circumstances. Financial sector maturity, project scale, legal frameworks and institutional capacity all influence which mechanisms are viable. Common barriers include technical and legal complexity, limited investment-ready projects and transaction costs that can be difficult to absorb for smaller investments. "Improving access to finance was a common need expressed by all OCTs/OTs. In response, GO's Climate Finance Community developed tools, provided training and conducted joint studies to raise awareness and strengthen stakeholders' capacities," said Robert-Jan Moons, Secretary of the GO Programme's Expert Working Group on Climate Finance. A related development for the UK's Overseas Territories emerged during the Green Overseas closing Forum in Paris, where the Foreign, Commonwealth and Development Office (FCDO) presented its new Climate Finance Support Programme (CFSP). T
he three-year, £20.5 million pilot, expected to mobilise in 2027, is intended to strengthen climate finance support for UK Overseas Territories. The initiative reflects growing recognition of the specific challenges these territories face in accessing international climate finance and the need for more targeted support to turn climate priorities into investable projects. The European Union has reaffirmed its commitment to supporting the sustainable development and resilience of Overseas Countries and Territories (OCTs) through its proposed future programming for 2028–2034, with an allocation exceeding €999 million, including half for Greenland. This significant funding envelope represents an important opportunity to build on existing cooperation, strengthen partnerships and support future investments in areas such as climate resilience, energy transition, biodiversity and sustainable economic development. From local priorities to investment-ready projects The financing work is supported by 31 projects developed through the Green Overseas Programme. These have helped 23 territories assess their priorities, identify practical interventions and establish the investment requirements for moving forward. Six examples illustrate the range of work underway: Sint Maarten: strengthening climate resilience Sint Maarten completed its first national climate adaptation report in 2026, providing an assessment of future climate risks and priorities for action. The report also highlights the importance of the territory's remaining 22.7 hectares of mangroves and coastal ecosystems, which provide services valued at more than USD 76 million annually. With approximately 80% of the economy dependent on tourism, protecting these natural assets is also an economic priority.
Ascension Island: investing in local food production Ascension Island currently produces approximately six tonnes of vegetables annually, against an estimated demand of 39 tonnes. A Green Overseas study assessed four priority investments, including expanded hydroponic production, a 300-hen laying unit, a small processing facility and bakery equipment. The proposed investments have been costed at approximately GBP 87,000 and could increase the island's vegetable self-sufficiency to 65%. The options have been assessed but are not yet funded. Falkland Islands: planning for long-term water security Approximately 80% of the Falkland Islands' population lives in Stanley, which relies on two rainfall-fed reservoirs. Water demand is projected to increase by 35 to 40% by 2050, while rainfall is expected to become less reliable. Three investment options have been costed: groundwater development at approximately GBP 2.5 million, a new river intake at GBP 5.3 to 8.8 million, and desalination at GBP 6.8 to 8.4 million. The next challenge is identifying a financing route to support the preferred solution. French Polynesia: integrating local knowledge into coastal planning A study covering six Tuamotu atolls and Pointe Vénus in Tahiti examined projected shoreline changes over 30 years. The analysis identified additional shoreline loss associated with climate change and storm impacts, providing evidence to inform coastal planning and adaptation.
Eight public meetings and 84 interviews ensured that local and traditional knowledge contributed to the assessment. New Caledonia: giving car buyers the carbon information New Caledonia has committed to cutting greenhouse gas emissions by at least 70% by 2035, and transport is its second largest emitting sector after mining and metallurgy. The territory runs a fleet of 206,000 light vehicles with an average age of 11 to 12 years, imported from Europe, Asia and the United States, each market measuring emissions its own way. Green Overseas supported the design of a climate and energy label that rates every vehicle from A to G on a single comparable basis, together with the automated tool that generates and updates the ratings. Public appetite is there: 88% of those surveyed find appliance energy labels useful and 78% want the same for cars. New Caledonia's government member in charge of climate will be in Antalya and is speaking at several events. Greenland: building a climate strategy from nothing Greenland came under the Paris Agreement only in 2024 and had no emissions baseline of its own.
Green Overseas supported the evidence base for its first climate strategy: five sector groupings, two workshops in Nuuk in January and May 2026, and three quantified national scenarios to 2030 and 2035 with an extension to 2050, alongside six policy recommendations. The analysis found that Greenland cannot run on a single national pathway, because hydropower-connected towns and diesel-dependent settlements need different routes. Najannguaq Berthelsen, the Greenlandic youth delegate travelling with the programme to Antalya, comes from that work. Bringing island priorities to COP31 Green Overseas and its partners will contribute to several sessions across the CARICOM, France and Benelux Pavilions, but also the Climate Mobility and the Blue Moana pavilions addressing climate finance, energy cooperation, youth-led climate action, just transitions and the use of climate data to support island decision-making. A full list of Green Overseas sessions and partner side events in Antalya, with dates, times and venues, is available at https://www.islandinnovation.com/events/cop-31 As part of Green Overseas Youth mobilization in the OCTs, three youth delegates are travelling with the programme. They will highlight OCTs’ climate vulnerabilities, biodiversity value and gaps in adaptation and disaster-risk financing at the Climate Mobility Pavilion on 16 November. Riddhi Samtani, from Sint Maarten, also speaks at the Benelux Pavilion on 13 November on turning climate data into island action.
Ilona Mayerau-Lonné, from New Caledonia, speaks at the France Pavilion the same day on aligning climate, development, jobs and investment. Najannguaq Berthelsen joins from Greenland, the territory that came under the Paris Agreement only two years ago and used the programme to build the evidence base for its first climate strategy. Institutional representatives from French Polynesia, the British Virgin Islands, Saint Helena, the Cayman Islands and the Azores are also expected to attend. Through its participation at COP31, the programme will bring together territory representatives, technical experts and partners to share experiences, engage with the youth, discuss financing opportunities and advance practical approaches to implementing climate and development priorities beyond the Climate Summit. Notes for Editors Interviews: Programme staff, climate finance specialists and youth delegates from Greenland, New Caledonia and Sint Maarten are available for interviews in Antalya and remotely throughout COP31. Contact the press team below to arrange an interview.
About the Green Overseas Programme Since 2020, funded by the European Union under its Global Gateway strategy (€17.8 million) and implemented by Expertise France, the Green Overseas Programme supports the sustainable, resilient and inclusive development of 25 EU Overseas Countries and Territories (OCTs) and UK Overseas Territories (OTs). Together, these territories cover 19 million km² of land and sea across five oceans and are home to more than 1.2 million people. Over six years, the programme has delivered 31 Green Overseas Facilities, six studies and policy briefs, three interactive climate finance tools and more than 20 workshops and training sessions. About Expertise France Part of the Agence Française de Développement (AFD) Group, Expertise France is the French interministerial agency for technical cooperation. It works to strengthen public policies in partner countries at local, national, regional and international levels. Media contact Thaiz Maciel Communications Director, Island Innovation thaiz@islandinnovation.co