Vice President Dr Mohamed Waheed said the Maldives’ desire to adopt green growth was not only borne from environmental concerns. But, he said, it was also influenced by economic and security considerations.

Delivering the inaugural address at the opening session of the high level round table dialogue on HCFC Phase-out Management Plan (HPMP) and its contribution to carbon neutrality in Maldives, which was held at Bandos Island Resort and Spa this morning, the Vice President said:

“We are going green as an economic and security advantage.”

Acknowledging the Maldives’ dependence on foreign oil, he said the Maldives economy was extremely vulnerable to fluctuations in world oil prices, over which the Maldives had no control over.

“Our oil addiction leaves us dependent, insecure and vulnerable”, said the Vice President.

Noting that the Maldives had some of the world’s highest electricity prices, the Vice President underscored the link between the energy prices and economic growth and development.

He said renewable energy was cost effective today, and the Maldives “intend to take full advantage of the cost savings renewable energy can bring”.

The Vice President said, by adopting renewable energy, the Maldives could break away from dependence on volatile foreign oil and reduce the cost of energy and electricity.

Speaking on the many renewable energy sources the Maldives was researching, Dr Waheed said the Maldives could corner the market by pioneering zero-carbon energy.

“This will be priceless expertise for a small country”, said the Vice President.

“If we can work out how to cheaply power a Maldivian island with renewable energy, we can export this model to villages across the world”, he added.

Vice President Dr Waheed said phasing out the use of hydrochlorofluorocarbons (HCFCs) was part of the Maldives was part of the government’s efforts to steer a new development pattern.

He said, phasing-out HCFCs also make economic sense as “HCFCs are rapidly becoming yesterday’s technology.”

Minister of Housing, Transport and Environment Mohamed Aslam, and UN Resident Coordinator Andrew Cox also spoke at this morning’s function. The Executive Director of UNEP Achim Steiner addressed the function via a video link.

At the function, a Memorandum of Understanding on the implementation of HPMP was also signed between the government, and UNEP and UNDP.