Maldives seeks investors for ocean current, renewable energy
He expressed hope that the Maldives' efforts will inspire other nations to advance renewable energy initiatives.
President Dr Mohamed Muizzu on Wednesday announced the country's initiative to optimise ocean current energy, novel renewables energy and invited investors to explore these opportunities.
At the Maldives side event on renewable energy, he also emphasised that investing in renewable energy in the Maldives is a profitable business opportunity.
The president highlighted that Maldives' renewable energy capacity increased from 53 to 68 megawatts since COP28.
He detailed plans to reach net-zero emissions by 2030 with investments in solar, wind, and other renewables, while also expanding solar installations and cutting fossil fuel use.
The president said that to meet its targets, the Maldives has operationalised a waste-to-energy system in Addu City, is adding a 13-megawatt system in Thilafushi, and is developing low-carbon transportation systems using renewable energy.
President DMuizzu urged for affordable climate finance, calling for the New Collective Quantified Goal to ensure easy access and quick disbursement for mitigation, adaptation, and loss and damage, while aligning with the 1.5 degrees target.
The president stressed that the renewable energy transition enhances climate resilience, strengthens economies, and fosters resilient societies.
He expressed hope that the Maldives' efforts will inspire other nations to advance renewable energy initiatives.
