Pres urges global financial support for SIDS' climate combat efforts

President Dr. Mohamed Muizzu has called out for global support, inclusive of the United Nations and international financial institutions, to unite in coordinated assistance for Small Island Developing States (SIDS).

He made the remarks at the SIDS Leaders Summit held on the sidelines of the now ongoing COP29 summit.

“For us, climate change is not an abstraction; it is a force that erodes years of development gains, pulling us back to square one in mere minutes,” President Muizzu opened his statement, highlighting the importance of global support in climate adaptation efforts.

Noting this year’s COP Summit theme “In Solidarity for a Green World”, Muizzu said this demands more than just solidarity but demands transformation, and emphasized that for the Maldives, economic diversification is the way forward.

He further stressed the country’s efforts towards economic transformation, including the expansion of port services and Special Economic Zones (SEZs), as well as establishment of the first development bank of the country.

He further highlighted planned and ongoing large-scale urban development efforts, including the investment in the green-eco-city Ras Male’.

“We are transforming our electricity production – by investing in renewables. Our new Energy Policy and Roadman with an estimated investment of over 1.5 billion dollars, underscores our dedication to move towards a low-carbon economy.”

Noting the Maldives’ adoption of the Antigua and Barbuda Agenda for SIDS, Muizzu said that this sets the plan for the next 10-years’ collective ambitions.

“But ambitions without finance are merely aspirations,” he said, calling for the coordinated support for SIDS from the UN systems, MDBs and IFIs.

He also emphasized on the importance of new innovative financial solutions as the vulnerability of low-lying countries, including the Maldives, is not captured through its measure of income.

Muizzu also proposed debt forgiveness that is linked to climate resilient milestones, which would reward resilience efforts and redefine creditworthiness as well.

Furthermore, he noted that the COP29 Summit must deliver two crucial outcomes, which include:

• A robust new Collective Quantified Goal on climate finance that reflects our real needs
• Conclude discussions on international carbon market mechanism that learn from Kyoto’s lessons and maintain environmental integrity