President Dr. Mohamed Muizzu called today for reforms to international financial frameworks to ensure that the vulnerabilities faced by Small Island Developing States (SIDS) do not become an obstacle to accessing climate financial assistance on concessional terms.
The President's Office stated that President Muizzu made these remarks while speaking at a meeting held today by leaders of the Alliance of Small Island States (AOSIS) with UN Secretary-General António Guterres on the sidelines of COP31, currently underway in Antalya, Turkey.
During the meeting, the President noted that making the Maldives a developed nation by the end of 2040 is a target, and stated that one of the biggest obstacles to achieving that goal is climate change. The President added that the top priorities now must be the rapid delivery of climate financial assistance, implementing financial reforms, and practical execution of initiatives.
Regarding climate financial assistance, the President stated that such aid must be adequate, easily accessible, predictable/sustainable, and provided in the form of grants. Particularly in light of the impacts of the upcoming "Super El Niño," the President requested an increase in financial assistance for climate adaptation and the prompt disbursement of funds into the "Loss and Damage Fund."
The President stated that nations should not be forced to borrow money at high interest rates to confront a crisis to which their own contribution is minimal. He also stated that measures taken against climate change must not obstruct the development of these small nations or become an unbearable debt burden for vulnerable countries.
Highlighting financial reforms, the President stated that existing financial systems force vulnerable nations to rely on expensive loans, increasing their debt burden and narrowing their fiscal space. Therefore, the President called on international financial institutions and credit rating agencies to evaluate the long-term economic impacts of investments made toward enhancing climate resilience.
The President stated that pledges made regarding climate change must translate into tangible, practical results.
Welcoming the initiatives launched at COP31 to expand global electrification, waste management, the "circular economy," and the building of climate-resilient cities, the President requested the provision of adequate financial assistance, technology transfer, and support in practical implementation to ensure the success of these efforts.
The President stated that small nations are not asking for charity or sympathy, but rather for climate justice. He added that the true test of the international multilateral system is not the promises made, but the results delivered.
The President's Office stated that the President concluded his remarks by expressing gratitude for the cooperation extended to small nations during UN Secretary-General Guterres's tenure and extending his best wishes as Guterres's term nears its end.
