President Muizzu calls to expedite climate financing for island states

President Dr Mohamed Muizzu has voiced confidence in the Debt Sustainability Support Service (DSSS) as a transformative mechanism to address the urgent climate financing challenges facing Small Island Developing States (SIDS), including Maldives.

Speaking as Co-Chair of the Strategic Advisory Group for SIDS, President Muizzu delivered the opening address highlighting the urgent need to operationalize the DSSS.

He described it as a catalyst for a new era of sustainable development for vulnerable island nations.

“A significant number of SIDS are already in, or on the verge of, debt distress at a time when climate financing needs are more urgent than ever,” President Muizzu said.

He said that achieving debt sustainability is crucial for fulfilling the goals outlined in the Antigua and Barbuda Agenda for SIDS (ABAS) and for overcoming the interconnected threats of climate change, environmental degradation, and pollution.

President Muizzu reiterated the Maldives’ proposal for a “debt-relief-for-resilience” mechanism, which would reward countries that invest in building resilience by offering debt relief. He called for a country-led approach that reflects the specific contexts and challenges of each nation, aiming to create fiscal space to invest in sustainable development.

Highlighting shifting global dynamics, he underscored the need for multilateral and multi-stakeholder cooperation to advance innovative solutions. He said that the upcoming Fourth International Conference on Financing for Development (FfD4) is a pivotal moment to build global momentum and recognition for the DSSS.

“Debt sustainability is not just about numbers; it’s about lives, livelihoods, and our shared future,” President Muizzu said.

SIDS comprise 38 UN Member States and 20 Associate Members or Non-UN Members, with the Maldives co-chairing the Strategic Advisory Group alongside Antigua and Barbuda.