President Dr. Mohamed Muizzu has called for COP29 to set a new climate finance target and ensure that the most vulnerable are not left behind. He made these remarks at the High-Level Roundtable, Enabling Climate Finance – The Make-or-Break Moment for a Sustainable Future, held on the sidelines of COP29.
In his address, President Dr. Muizzu highlighted the need for innovative solutions, including linking debt forgiveness to climate milestones. He called for a transformation of the global financial system to enhance climate resilience, asserting that the vulnerabilities of Small Island Developing States (SIDS) should be viewed as opportunities for investment in shared global security rather than as liabilities. He emphasised the essential role of the private sector, which he said could unlock transformative potential through appropriate incentives, and urged private lenders to collaborate with official creditors to offer favourable terms and extended maturities.
The President highlighted the Maldives' commitment to turning pledges into action and advocated for empowering SIDS by linking debt relief to climate goals, alongside providing incentives for private sector engagement.
“This is a make-or-break moment,” President Dr. Muizzu said in his closing remarks. “Inaction, or even delayed action, is not an option for countries like mine. Let’s not break it; let’s make it—for the future.”
The high-level roundtable, part of the COP29 World Leaders Summit hosted by Azerbaijan, served as a platform for leaders, International Financial Institutions (IFIs), and Multilateral Development Banks (MDBs) to discuss climate finance progress, with a focus on establishing the New Collective Quantified Goal (NCQG) as a foundation for advancing the Paris Agreement's objectives.