President Dr. Mohamed Muizzu has called on the international community to ensure the fulfillment of the pledges made by the world leaders, such that visible results are delivered. The statement was made by the president at the Leaders’ Summit of Small Island Developing States (SIDS) on Climate Change, at the 29th Conference of Parties (COP29) of the United Nations Framework Convention on Climate Change (UNFCCC).
Speaking at the event, President Dr. Muizzu stated that ambitions without finances are only aspirations, adding that the current financial system fails to meet the urgent needs of Small Island Developing States (SIDS). The president noted that climate change erodes years of development gains. He shed light on three key points required to ensure current financial framework is designed to meet the critical needs of SIDS:
1. Unified global support from the UN, MDBs, international financial institutions, and the private sector.
2. New innovative financial solutions, linking debt forgiveness to climate resilience milestones, and rewarding efforts with redefined creditworthiness.
3. COP29 to establish a new climate finance goal reflecting actual needs and conclude discussions on international carbon market mechanism.
During the event, President Dr. Muizzu highlighted some of the transformational actions being taken by the Maldives, including economic, urban development, and electricity. He emphasised that SIDS have been advocating for climate action for decades, calling for solidarity and demanding words and promises be transformed into action.