During COP29 in Baku, President Dr Mohamed Muizzu addressed the global community, urging for a renewed focus on climate finance. In both the opening plenary and a high-level roundtable discussion, he stressed the importance of establishing a new climate finance framework to meet the challenges faced by vulnerable nations, including the Maldives.
In his plenary speech, President Muizzu highlighted the Maldives’ resilience and determination, refuting perceptions of fragility often associated with Small Island Developing States (SIDS). Reflecting on the country’s decades-long advocacy for climate action, he reaffirmed the Maldives’ unwavering commitment to environmental preservation, which he described as integral to the nation’s cultural identity.
President Muizzu used the platform to urge developed nations to step up their contributions to climate finance. He argued that the new finance goals set at this year’s conference must reflect the severity of the current climate crisis, calling for commitments in the trillions rather than billions. Stressing the importance of including provisions for adaptation, mitigation, and loss and damage, he noted that the special circumstances of SIDS should be prioritised.
Addressing the high-level roundtable, President Muizzu lauded initiatives such as the Climate Finance Action Fund and the Baku Initiative for Climate Finance. He announced the Maldives’ plans to establish a dedicated Special Climate Fund to support its ambitious climate goals, including expanding its economic portfolio and enhancing climate resilience.
The President emphasised that access to reliable and sustainable financing is essential for nations like the Maldives to meet their climate targets. He proposed innovative solutions, including linking debt forgiveness to climate milestones and leveraging private sector involvement to provide concessional financing.
Criticising the global disparity in financial priorities, President Muizzu drew attention to the ease with which funds are allocated for military purposes while resources for climate adaptation face stringent scrutiny. He called for a revision of international financial systems to prioritise climate action, urging the world to focus on initiatives that change lives, rather than exacerbating environmental harm.
As the conference progresses, the Maldives is advocating for a clear and actionable climate finance goal, one that supports vulnerable nations in their journey toward sustainable development. President Muizzu’s addresses served as a rallying cry for unity, urging world leaders to transform ambition into tangible results and ensure that this COP marks a turning point for global climate action.
By stressing the need for immediate and concrete commitments, President Muizzu underscored that inaction is not an option for nations on the frontlines of climate change. His speeches have set a tone of urgency, calling on the international community to ensure that the promises made at COP29 are not just words, but the foundation for real change.
