Governor Munnawwar said Maldives needs another 87 percent of the funds needed to convert 33 percent of its energy needs renewable.
Only 13 percent of the USD 1.3 billion needed for the government’s project to convert 33 percent of the Maldives’ energy needs to renewable sources has been secured so far, said Maldives Monetary Authority (MMA) Governor Ahmed Munawwar.
Speaking as Chair at the annual meeting of the World Bank and International Monetary Fund (IMF) held at Washington DC, Munawwar said that Maldives is amongst the most vulnerable countries to climate crisis. As such, Maldives is taking important steps towards renewable energy to overcome such issues, he said.
In his speech, he said that Maldives' plans to convert 33 percent of its energy needs to renewable sources by the year 2028 and revealed that the project would cost about USD 1.3 billion, out of which only 13 percent has been secured so far as free aid.
Munawwar said that this project would not only put Maldives in a better position to acclimatise to climate changes, but also help the country financially by reducing dependency and expenses on fuel as well as the need to spend foreign currency.
He also highlighted the commendable work done in the Maldives in this field via the IMF's resilience and sustainability fund, stressing the importance of making more arrangements to help developing small island nations like Maldives to overcome climate change and switch to renewable energy without the process being a burden.
According to Munawwar, Maldives also needs to increase private investment and develop new strategies to reach its goal of 33 percent.
He added that two thirds of developing economies are heavily in debt and emphasized that the needs and circumstances of small developing nations must be considered now more than ever.
As such, he called on the World Bank, IMF and other multilateral banks to take measures to help such indebted countries.
He said that loans need to be alleviated for countries that invest in climate adaptation, and added that institutions such as the World Bank and IMF need to consider helping to increase employment opportunities, providing equal opportunities and diversifying the economies of countries with developing economies.
The Governor also said that the economic future of countries are tied with the success of World Bank and the IMF. Therefore, governments should not be failed, especially the hopes of the people they represent, he said.
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