President Dr. Mohamed Muizzu emphasized urgent financial reform to support Small Island Developing States (SIDS) in addressing climate change, stating that ambitions without finances remain mere aspirations.
His remarks were made during the Leaders’ Summit of Small Island Developing States on Climate Change at the 29th Conference of the Parties (COP29) under the United Nations Framework Convention on Climate Change (UNFCCC).
President Dr. Muizzu criticized the current financial system, asserting that it fails to meet the pressing needs of SIDS facing climate challenges. He highlighted how climate change erodes years of development progress, stressing that financial transformation is necessary for the survival and resilience of vulnerable island nations.
To address these challenges, President Dr. Muizzu proposed three key calls to action:
1. Unified Global Support: He called for coordinated efforts from the United Nations, multilateral development banks (MDBs), international financial institutions, and the private sector to prioritize and support SIDS in adapting to climate impacts.
2. Innovative Financial Solutions: The President proposed linking debt forgiveness to climate resilience milestones and suggested that creditworthiness be redefined to reward countries based on climate adaptation efforts. He emphasized the importance of new financial mechanisms tailored to SIDS' vulnerabilities.
3. Establishment of a New Climate Finance Goal: President Dr. Muizzu urged COP29 to set a climate finance goal that accurately reflects vulnerable nations' needs and finalize discussions on an international carbon market mechanism.
He also highlighted some transformative climate actions in the Maldives, particularly in economic development, urban planning, and renewable energy initiatives. Stressing that SIDS has advocated climate action for decades, President Dr. Muizzu called for global solidarity, urging that promises made to vulnerable nations be fulfilled through concrete actions.
The President’s message underlined that, without adequate funding, the goals of climate adaptation and resilience for SIDS would remain unachievable. His appeal at COP29 reflected the urgent need for meaningful support to protect small island nations from the escalating impacts of climate change.
His remarks were made during the Leaders’ Summit of Small Island Developing States on Climate Change at the 29th Conference of the Parties (COP29) under the United Nations Framework Convention on Climate Change (UNFCCC).
President Dr. Muizzu criticized the current financial system, asserting that it fails to meet the pressing needs of SIDS facing climate challenges. He highlighted how climate change erodes years of development progress, stressing that financial transformation is necessary for the survival and resilience of vulnerable island nations.
To address these challenges, President Dr. Muizzu proposed three key calls to action:
1. Unified Global Support: He called for coordinated efforts from the United Nations, multilateral development banks (MDBs), international financial institutions, and the private sector to prioritize and support SIDS in adapting to climate impacts.
2. Innovative Financial Solutions: The President proposed linking debt forgiveness to climate resilience milestones and suggested that creditworthiness be redefined to reward countries based on climate adaptation efforts. He emphasized the importance of new financial mechanisms tailored to SIDS' vulnerabilities.
3. Establishment of a New Climate Finance Goal: President Dr. Muizzu urged COP29 to set a climate finance goal that accurately reflects vulnerable nations' needs and finalize discussions on an international carbon market mechanism.
He also highlighted some transformative climate actions in the Maldives, particularly in economic development, urban planning, and renewable energy initiatives. Stressing that SIDS has advocated climate action for decades, President Dr. Muizzu called for global solidarity, urging that promises made to vulnerable nations be fulfilled through concrete actions.
The President’s message underlined that, without adequate funding, the goals of climate adaptation and resilience for SIDS would remain unachievable. His appeal at COP29 reflected the urgent need for meaningful support to protect small island nations from the escalating impacts of climate change.
