Excellencies, Ladies and Gentlemen,
The Malé Declaration on Global Warming and Sea Level Rise was signed on 18 November 1989.
It was the first time that global warming and sea level rise was highlighted as a serious threat to low lying small island states – and as an international issue.
I was just a boy when the Declaration was adopted in the Maldives.
Since then, for over three decades, the Maldives has continuously advocated for stronger action against climate change.
However, for Small Island Developing States, such as the Maldives, there is very little we can do by ourselves.
A collective, collaborative effort by all States, the private sector, and civil society is a must to effectively address climate change.
The IPCC reports continue to warn us that we cannot carry on with business as usual. Immediate and drastic action is required.
This is why my government has embarked on an ambitious goal to ensure that by 2028, 33% of the country’s electricity demand will be from renewable energy sources. When I made the announcement at COP28 last year, the installed renewable energy capacity in the Maldives was just 53 megawatts.
Today, total renewable energy capacity has increased to 68 megawatts.
We’ve drawn a roadmap for this transition to renewable energy.
This includes investments in solar, wind, and other renewable sources, along with efforts to improve energy efficiency.
We’ve also begun installing solar photovoltaic systems on numerous islands to scale up solar energy usage and reduce reliance on imported fossil fuels.
To put it all into context, the Maldives spent over 65 million US dollars on fuel imports in just the first quarter of this year. On average, we spend about 10 percent of our GDP on fuel, every year.
As part of the initiative to achieve our Nationally Determined Contribution targets, we’ve operationalized a waste to energy system in Addu City.
We’re in the process of installing an additional 13 Mega Watt waste energy system in Thilafushi.
We’ve developed plans for low-carbon transportation systems, with an emphasis on developing renewable energy powered transport systems in the Maldives.
We’ve also set an ambitious target to meet 35% of the Maldives fisheries sector's electricity needs from renewable sources, particularly focusing on the processing sector, within the next four years. The Maldives fisheries sector is already recognized as the world's most sustainable fishery. Our pole-and-line fishing method ensures virtually zero bycatch and no harm to endangered, threatened, or protected species. Our mission is to advance even further, maintaining our position as leaders in sustainable, clean, and green fishing practices worldwide.
Reducing carbon emissions will further enhance the sustainability of our fisheries sector.
The renewable energy transition is not just about mitigating climate change. It’s also about increasing our economic resilience.
I can assure interested partners, that renewable energy in the Maldives is a profitable business opportunity.
Ninety-nine percent of the Maldives is ocean.
We want to explore how best the ocean can be used for energy generation.
This includes utilizing technologies such as ocean current energy, wave energy, and ocean thermal energy conversion.
We invite interested parties to come and invest in the Maldives in these areas, and more. The Maldives is the perfect incubator to test novel renewable energy systems.
We have a standing invitation for investors to invest in the Maldives under the Special Economic Zones Act, which includes investment in renewable energy projects.
The minimum investment value is 100 million US dollars.
Earlier this year, my government issued the initial permit for the first project under the SEZ act. This project exceeds 100 million US dollars, and it’ll assess the viability of 150 megawatts of floating solar to cater for the power demand of greater Male City.
As you can see, we are not too far from achieving our renewable energy goals.
However, we need the support of our friends and partners.
At the multilateral level, we continue to call for affordable and accessible finance that meets our needs.
The New Collective Quantified Goal on climate finance must be coupled with ease of access to funds and rapid disbursement from funding institutions.
It must include provisions for mitigation, adaptation and loss and damage finance. It must be aligned with the 1.5 degrees goal, to ensure sufficient resources are mobilized.
The renewable energy transition is about building resilience to climate change. It’s about resilient economies. Resilient societies.
It is the story of our resilience.
We hope that our story empowers, emboldens and encourages more States to begin their journey towards renewable energy.
Together, we are resourceful. Together, we will be.
Thank you.