The President called for COP29 to set a new climate finance goal and ensure those who are most vulnerable are not be left behind. He made these remarks at the High-Level Roundtable Enabling Climate Finance - The Make-or-Break Moment for Sustainable Future on slidelines of COP29.
In his address, President Dr Mohamed Muizzu highlighted the need for innovative approaches, including linking debt forgiveness to climate milestones. He called for a transformation of the global financial system to support climate resilience, noting that the vulnerabilities of Small Island Developing States (SIDS) should not be seen as liabilities, but rather as opportunities for meaningful investment in shared global security. He emphasised the critical role of the private sector, which he said could unlock transformative potential with the right incentives, urging private lenders to partner with official creditors to offer favorable terms and extended maturities.
Speaking at the event, the President noted that the Maldives has transformed commitments to actions. He called to empower SIDS by linking debt forgiveness to climate milestones and providing private sector with incentives to empower SIDS.
“This is a make-or-break moment,” President Dr Muizzu said in his closing remarks. “Inaction, or even delayed action, is not an option for countries like mine. Let’s not break it; let’s make it—for the future.”
The high-level roundtable, part of the COP29 World Leaders Summit hosted by Azerbaijan, provided a forum for leaders, International Financial Institutions (IFIs), and Multilateral Development Banks (MDBs) to explore meaningful progress on climate finance, with a focus on establishing the New Collective Quantified Goal (NCQG) as a foundation for advancing the goals of the Paris Agreement.