By In an opinion piece for Britain’s The Guardian, President Dr Mohamed Muizzu voiced his concern over the lack of climate finance available for innovative projects like Rasmale, the first eco-city in the Indian Ocean designed with climate change in mind. He emphasized that such projects are often categorized as structural development, making them ineligible for crucial climate financing.
President Muizzu highlighted the significance of Rasmale, describing it as almost twice the size of New York’s Central Park and located in one of the world’s most densely populated capital cities. To mitigate climate risks, Uppsala, another area, was dredged and elevated two meters above sea level, incorporating various features to withstand climate impacts. Similarly, Rasmale is being developed three meters above sea level with the same climate-resilient purpose.
“Rasmale will become the first eco-city in the Indian Ocean. This is real climate adaptation,” President Muizzu stated. He stressed the importance of executing such projects sustainably, ensuring minimal environmental impact. However, the Maldives faces challenges as critical development projects are halted due to increasing coastal erosion and other climate change-induced issues.
Despite the protective intent behind projects like Rasmale, they are still seen as structural development by environmental financiers and banks. This perception prevents the allocation of millions or even billions of dollars needed for such initiatives. President Muizzu urged the international community to recognize that small nations depend on foreign funding to combat climate change effectively.
With sufficient financing, initiatives such as building bridges or causeways to connect islands could promote urbanization, enhance access to education and healthcare, and contribute to a climate-resilient society.
This year, at the Fourth International Conference on Small Countries, the Maldives will advocate for the adoption of a Multidimensional Vulnerability Index (MVI). If approved, this index would revise the criteria for determining eligibility for funding, potentially opening new avenues for financial support for small countries’ climate adaptation projects.
President Muizzu’s call to action underscores the urgency of rethinking global financial structures to support sustainable development and climate resilience in vulnerable regions like the Maldives.