Free flowing funds for war, scrutinization for climate adaptation: Muizzu

President Dr. Mohamed Muizzu has said that while the funds flow freely to wage war across the globe, funding is scrutinized when it is for climate adaptation.

He made the statement at the Plenary of the 29^th Session of the Conference of Parties to the UNFCCC – the COP29 Summit.

Speaking at the meeting, President Muizzu said that though Maldives is often portrayed as a vulnerable country, it is a nation of “extraordinary fortitude.”

“Since hosting the first Small States Conference, 35 years ago, we have called for stronger climate action. Our call has not changed. Our course has not strayed,” President Muizzu said.

He said that for the Maldives, the environment and the ocean are not mere resources but they form the nation’s cultural identity and added that the protection of these natural resources remains as “our sacred duty.”

While highlighting that he had shared the vision for a climate-resilient Maldives at the COP28 Summit, Muizzu noted that despite formidable challenges, “we are now seeing the dawn of hope.”

He further noted the Maldives’ recent launch of the Energy Policy and Roadmap; with these green initiatives aimed at strengthening food security and affordable housing, and economic diversification through expanding port services, Special Economic Zones (SEZ), and new development banking unlocking new investment opportunities.

“We will soon unveil our 20-year vision, the blueprint for a sustainable, climate resilient developed nation by 2040.”

Speaking in this regard, Muizzu said that the biggest challenge for the Maldives in realizing these ambitions is the lack of finance, and as such, urged that at this year’s COP Summit, “we need to deliver!”.

He also said that the new climate finance goal must reflect the true scale of the climate crisis and noted that the need is in trillions, “not billions”.

While noting that the summit must consider special circumstances of Small Island Developing States (SIDS), Muizzu said that the summit must also include adaptation, mitigation, and loss and damage, and increase contributions made towards enhancing SIDS’ resilience and climate adaptation efforts.

“My delegation here is determined that the finance goal should be scored, right here in Azerbaijan.”