By In a compelling address at the SIDS Leaders’ Summit, held as a side event to COP29, President Dr. Mohamed Muizzu made a powerful call for immediate financial reforms and climate resilience strategies tailored to Small Island Developing States (SIDS). Highlighting the Maldives’ transformative efforts and the harsh reality of climate change impacts on island nations, President Muizzu set forth a vision for economic innovation and resilience, urging global stakeholders to match words with action.
President Muizzu, opening with a message of solidarity, stressed that climate change is far from an abstract concern for SIDS, it is an immediate and devastating reality, eroding hard-won development gains with each extreme weather event. Reflecting on the COP29 theme, “In Solidarity for a Green World,” he emphasized that solidarity must go beyond mere support; it demands transformative action.
He outlined the Maldives’ proactive steps in economic diversification, from expanding port services and special economic zones to the establishment of the nation’s first development bank. The President detailed a bold new urban vision for Ras Male’, a planned eco-city centered on climate resilience, green infrastructure, and sustainable economic prosperity. With substantial investments in renewable energy, including a $1.5 billion Energy Policy and Roadmap, Dr. Muizzu underscored the Maldives’ commitment to a low-carbon future.
Yet, he warned that SIDS’ ambitions risk stagnation without access to the necessary finance. Referencing the recently adopted Antigua and Barbuda Agenda for SIDS (ABAS), President Muizzu called for decisive action on the following fronts:
- Coordinated Financial Support: Dr. Muizzu called on the UN, Multilateral Development Banks (MDBs), International Financial Institutions (IFIs), and private sectors to collaborate in supporting SIDS, emphasizing that partnerships can mitigate risks and attract essential investments to the region.
- Innovative Financial Solutions: Advocating for debt forgiveness linked to climate resilience milestones, he proposed redefining creditworthiness by rewarding resilience efforts. The Maldives and other SIDS, he noted, are burdened with high debt repayment costs that could otherwise fuel climate action.
- Outcome Goals for COP29: President Muizzu asserted that COP29 must deliver a New Collective Quantified Goal for climate finance, accurately reflecting the pressing needs of SIDS. He further emphasized the importance of finalizing a robust international carbon market mechanism, ensuring it serves as a means of technology transfer and sustainable development for SIDS rather than just a trading platform.
As a leading advocate for climate action, President Muizzu closed his address with a call for unity and unwavering determination among SIDS, emphasizing that after nearly three decades of promises, now is the time for tangible action. His rallying words conveyed the resilience and unwavering spirit of the Maldives and all SIDS, setting an example for the international community.
Under Dr. Muizzu’s leadership, the Maldives continues to be a forceful advocate for climate finance reform and a model of innovative climate resilience, inspiring the world to uphold its commitment to a sustainable, inclusive future.