Excellencies, Ladies and Gentlemen,
And a very good afternoon to you all.
We are gathered here today, united as a family of small island nations with a voice that continues to rise above the waves of the oceans.
We are gathered here - not with distant predictions, but with the weight of the present reality.
For us, climate change is not an abstraction; it is a force that erodes years of development gains, pulling us back to square one in mere minutes.
The theme for this year’s COP, "In Solidarity for a Green World," demands more than solidarity – it demands transformation.
For the Maldives, economic diversification is the way forward.
We are transforming our economy – by expanding port services and special economic zones and establishing our first development bank.
We are transforming urban development - by investing in a green-eco-city Ras Male’, a lasting solution to our housing crisis, and a hub for economic prosperity. Environment and climate resilient features will be put at the forefront. State-of-the-art and greener transportation and energy system will fuel its economy.
We are transforming our electricity production – by investing in renewables. Our new Energy Policy and Roadmap with an estimated investment of over 1.3 billion dollars, underscores our dedication to move towards a low-carbon economy.
Excellencies,
Just a few months ago, we adopted the Antigua and Barbuda Agenda for SIDS, or the ABAS, the 10-year plan that sets out our collective ambitions.
But ambitions without finance are merely aspirations.
The current financial architecture fails to meet our urgent needs.
Therefore, I call for three immediate actions:
First:
The UN system, MDBs and IFIs, and the private sector must unite in coordinated support for SIDS.
Forging partnerships can mitigate risks and make SIDS more attractive for investment.
Second:
We need new innovative financial solutions. Our vulnerability is not captured through our measure of income.
I propose debt forgiveness that is linked to climate resilience milestones.
This would reward resilience efforts and redefine creditworthiness.
We are spending more in debt repayment than towards climate action.
We are facing high borrowing costs linked to conventional credit rating methodologies.
A change is much needed.
Third:
COP29 must deliver two crucial outcomes:
• A robust New Collective Quantified Goal on climate finance that reflects our real needs
• While we have now adopted the new operational standards under Article 6.4 of the Paris Agreement, we must conclude discussions on the international carbon market mechanism, that learn from Kyoto's lessons and maintain environmental integrity.
These carbon markets must be more than trading mechanisms – they must be bridges to technology transfer and sustainable development, especially for SIDS.
Excellencies,
SIDS being at the forefront of climate change have been advocating for climate action for decades. We are now at the 29th session of COP. We have heard lots of calls to action, lots of promises made.
It’s time NOW, for us SIDS to united in solidarity, and demand that words and promises be transformed into real, tangible action.
I thank you.