Maldives becomes 1st nation to benefit from new environmental fund launched at COP26

Maldives has become the first nation to benefit from a new environmental fund launched on the sidelines of the 2021 United Nations Climate Change Conference (COP26) in Glasgow, Scotland.

The Energy Transition Accelerator Financing platform (ETAF) by the International Renewable Energy Agency (IRENA) was launched at a special ceremony on Tuesday.

President Ibrahim Mohamed Solih attended the high-level launching ceremony.

Whereas the Maldives’ pledge to achieve Net Zero by 2030 requires financial support from international partners – IRENA/Abu Dhabi Fund for Development (ADFD) Project Facility established by the government of the United Arab Emirates assists developing countries in finding sustainable renewable energy solutions. On this note – Maldives is the project facility’s first beneficiary.

ETAF platform launched in this regard – will help funnel urgently needed climate and renewable energy finance to selected projects in developing countries, especially Small Island Developing States (SIDS) such as the Maldives.

Maldives’ has requested financing for two projects in this regard. Under the first – a small-scale waste-to-energy project that will generate 0.5 MW will be established. In the second project – is a waste-to-energy project in Addu City and would generate 1.5 Megawatts of electricity from municipal solid waste, forecasted to benefit a total population of 35,000 people.

On Sunday night, President Solih delivered the national statement at the World Leaders Summit at COP26 – where he stressed that Maldives is a low-laying country that could disappear off the map because of the climate crisis at any time

He also called to help vulnerable states financially to combat climate change in addition to urging nations to agree on stringent accountability measures to ensure that financial commitments made in this regard are honored.