Minister of Finance Ibrahim Ameer has revealed that USD96 million was spent on climate change action in 2022. He made the statement at the ceremony held to launch the Integrated National Financing Strategy framework.
At the event, Minister Ameer said that USD96 million of state funds was used on climate change action, which is a 3,210% increase compared to 2011. He highlighted that the Maldives is highly vulnerable to climate change and expressed hope that the framework will assist in mobilising more resources for climate change action. He added that the Green Fund will be utilised to reduce the use of fossil fuels and increase renewable energy sources.
The Integrated National Financing Strategy is the government’s comprehensive plan to mobilise resources and scale up existing public and private financing towards delivering on climate and social sector needs with the assistance of the United Nations (UN). The framework provides a holistic approach for mobilising climate finance for the Maldives locally and externally, with 16 financing objectives and more than 100 activities to realise the country’s net-zero commitment by 2030.