President Muizzu advocates debt forgiveness to achieve climate milestones

To address the financial challenges small countries like the Maldives face in tackling climate damage, President Dr Mohamed Muizzu highlighted the need for innovative strategies, such as linking debt forgiveness to climate milestones.

Speaking at the High-Level Roundtable “Enabling Climate Finance – The Make-or-Break Moment for a Sustainable Future,” on the sidelines of the COP29 summit in Baku, Azerbaijan, President Muizzu stated that the Maldives has begun transforming its climate commitments into actions.

“We have started setting up a special climate fund and are working to diversify the economy, but often we must operate beyond our capacity,” he said.

He said that national efforts to secure international climate finance have shown the need for billions of dollars to achieve sustainable, environmentally friendly development.

He also urged COP29 to establish a new climate finance goal to ensure that vulnerable nations are not left behind.

“Good intentions alone are insufficient,” he said. “We need reliable, adequate, and sustainable financial assistance and practical action.”

President Muizzu called for transforming the global financial system to support climate resilience, urging that the vulnerabilities of Small Island Developing States (SIDS) should be viewed as investment opportunities for global security.

He underscored the private sector's critical role, advocating for incentives to unlock its transformative potential and encouraging private lenders to work with official creditors to offer favorable terms and extended maturities.

“Inaction, or even delayed action, is not an option for countries like mine. Let’s not break it; let’s make it—for the future,” President Muizzu said in his closing remarks, emphasizing the need for immediate, actionable steps in the fight against climate change.

President calls for new climate finance goals that align with the true scale of climate change

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