Maldives working to reduce impact of fuel price and supply disruptions, President Muizzu says

President Dr Mohamed Muizzu has said the Maldives is working to implement measures aimed at reducing the country's exposure to fluctuations in international fuel prices and disruptions to fuel supplies.

Speaking at the Antalya Leaders Summit, held on the sidelines of the COP31 climate summit in Antalya, Türkiye, the President outlined the Maldives' efforts to address climate change and expand renewable energy generation.

He said the country's dependence on imported fuel made it vulnerable to changes in global energy markets, prompting the government to develop measures to strengthen energy security.

President Muizzu said the Maldives had set a target of generating 33% of its energy from renewable sources by 2033 as part of its national priorities.

Achieving this target would require investment in renewable energy infrastructure, he said, while acknowledging the challenges involved in developing and maintaining such systems across an island nation.

"Investment in renewable energy is essential to achieving this goal. However, this is a challenging transition. As an island nation, we face difficulties in building and sustainably maintaining such infrastructure," the President said.

He said the Maldives had developed an energy sector roadmap to address these challenges and guide the transition from fossil fuel-based power generation to renewable energy systems that are sustainable and cost-effective.

The roadmap outlines measures intended to support the country's transition towards renewable energy while reducing its dependence on imported fossil fuels.

President Muizzu also highlighted the importance of international assistance in achieving the Maldives' energy objectives, particularly access to concessional financing.

"International support is essential to our efforts, particularly concessional financing. We need access to technology and financing mechanisms for investment in the energy sector," he said.

The President stressed that the success of the renewable energy transition should be measured by the implementation of projects rather than the number of projects announced.

His remarks highlighted the government's focus on expanding renewable energy generation, securing financing and addressing the infrastructure challenges associated with reducing reliance on imported fuel.