Minister of Climate Change, Environment and Energy Thoriq Ibrahim has stated that the Maldives stands to gain financially if its natural environment is properly valued.
Speaking at a press conference, Minister Thoriq announced that the government has initiated efforts in natural capital accounting, with ongoing projects in Laamu Atoll expected to be completed in the coming month. The minister highlighted that these efforts focus on three main areas: valuing coral reefs, seaweed and wetlands. While currently centred on these three aspects, he noted that there are plans to include marine life and other environmental resources in future assessments.
Highlighting that the works of natural capital accounting is prioritised by President Dr. Mohamed Muizzu, Minister Thoriq outlined plans to expand this initiative in various parts of the country. The minister noted that this initiative will help in determining the environment. He pointed out that, despite widespread acknowledgment of the Maldives' abundant environmental resources, none of these have been properly valued. However, the completion of this initiative is anticipated to facilitate a clearer understanding of environmental value, ultimately benefiting the nation financially.
While the Maldives is currently working on natural capital accounting, United Nations and UNDP Regional Director for South Asia and the Pacific, Kanni Wiganaraja has remarked that leveraging the natural environment could significantly improve the country’s financial situation.