Climate financing needs trillions, not billions, Maldives president says

President Mohamed Muizzu on Tuesday underscored the urgent need for a new climate finance goal that aligns with the true scale of the climate crisis, asserting that “the need is in trillions, not billions.”

Delivering Maldives’ National Statement at the Plenary of 29th Session of the Conference of Parties (COP29) of the United Nations Framework Convention on Climate Change (UNFCCC), the president called for increased global financial commitments to address climate adaptation, mitigation, and loss and damage, especially for vulnerable nations.

While highlighting the unique challenges faced by Small Island Developing States (SIDS), the president stated that Maldives is a nation of extraordinary fortitude.

He stated that it is lack of finance that inhibits the ambitions of SIDS like the Maldives and called for the updated climate finance framework to prioritise both current needs and future resilience.

He reaffirmed the Maldives’ dedication to climate action, emphasising that its environment and oceans are integral to the nation’s cultural identity and must be preserved as a “sacred duty.”

Reflecting on the Maldives’ role in climate advocacy, President Muizzu noted the nation’s progress on sustainability, including a new energy policy, green initiatives for food security and housing, and economic diversification efforts.

He also announced a forthcoming 20-year vision, setting a blueprint for a climate-resilient Maldives by 2040.

The president urged global leaders to reprioritise financial allocations, pointing out the disparity between funds allocated for climate adaptation and other global expenditures. Committed to securing a strong financial outcome at COP29, he called to “choose the path that changes lives, not the climate”.