Minister of Environment Dr. Hussain Rasheed Hassan has said the fight against climate change cannot be successful without increasing the investment on renewable energy. The minister made the statement while speaking at the United Nations Climate Change Conference (COP 25) in Spain.
Environment Minister Dr. Hussain noted the ever-growing effects of climate change that imposes serious risks on island nations like Maldives. Citing the science-based IPCC 1.5 Special Report, the minister declared that as much as 70% – 90% of Maldivian coral reefs will be destroyed in less than 10 years from now if world leaders collectively fail to take appropriate action.
The environment minister said large investments on renewable energy are required to achieve success in the fight against climate change, noting at least USD 500 million is required to conduct renewable energy projects across the next five years. He also noted majority of the climate financing over the last four years have been carried out through loans.
In his speech, the minister called for the international community to maintain the momentum towards fulfilling the climate finance pledge of USD 100 billion and to maintain the multilateral framework embarked on by the international community.