Maldivian Foreign Minister Moosa Zameer issued a strong appeal for urgent action on climate financing during his participation at the Munich Security Conference 2024. Addressing the panel discussion “From Pocket to Planet: Scaling Up Climate Finance,” Zameer highlighted the disproportionate impact of climate change on vulnerable island nations like the Maldives.
The Foreign Minister emphasized the challenges faced by Small Island Developing States (SIDS) in securing financing for climate adaptation and mitigation projects. Difficulties in demonstrating traditional notions of project “bankability” to private investors due to factors like small populations present particular obstacles for the Maldives and other SIDS. Zameer stressed the need to rethink this conventional approach to project viability.
Zameer cited the increasing frequency and intensity of storms and tidal swells faced by the Maldives and other coastal developing countries. This results in a constant diversion of resources into vital adaptation measures, depleting funds that could otherwise be allocated to essential social development programs such as health and education.
The Foreign Minister underscored the urgent need for global financial restructuring to enable fiscal space for SIDS to address their pressing adaptation and mitigation needs. While reaffirming the Maldives’ commitment to renewable energy targets and innovative projects like a new, zero-carbon ‘safe island,’ Zameer reiterated that these initiatives rely heavily on increased accessibility to simplified and scaled-up climate financing, with consideration for metrics like the UN’s Multidimensional Vulnerability Index.
