Distinguished Scholars,
Consuls,
Members of the Pacific Forum International,
Ladies and Gentlemen,
and a very good morning to you all.
It is both a pleasure and an honour to be with you today. I extend my gratitude to the Pacific Forum for organising this diverse and insightful gathering.
For five decades, the Pacific Forum has been at the forefront of promoting strategic stability, security cooperation, and policy dialogue throughout the Indo-Pacific region. This milestone underscores the continued importance of your efforts, especially as they tackle more complex issues that extend beyond national boundaries.
Today, I would like to share the Maldives’ perspective on two critical and interconnected matters: the Blue Economy and Climate Finance.
As “children of the sea”, our identity, culture, and way of life are closely bound to the changing tides. Our economy is rooted in fisheries, while tourism remains the lifeline of our nation. Yet it is also in these same waters that the impacts of climate change are felt the most. The escalating incidents of coral bleaching, storm surges, coastal erosion, and the steady rise in sea levels are already transforming our land and affecting our way of life.
Against this backdrop, the Maldives has consistently placed the Blue Economy at the heart of its sustainable development. We continue to uphold our time-honoured pole-and-line fishing practices, which are globally recognised for their low environmental impact and sustainability.
Our commitment to marine conservation is equally strong. We have legally designated 93 protected areas, covering over 7733 (seven thousand seven hundred and thirty-three) hectares, 5 managed areas, and 3 UNESCO Biosphere Reserves. Efforts are underway to incorporate ecosystem-based approaches for coastal management as well, ensuring that our natural resources continue to provide for future generations while supporting the livelihoods of our communities.
However, our commitment to sustainable blue economic practices alone cannot fully unlock the potential of the Blue Economy. It is essential to secure adequate and sustainable finance.
First and foremost, the current international finance landscape needs reform. Our vulnerabilities should not be taken as a risk for investments.
We need a development matrix that counts beyond the GDP. A matrix that counts our vulnerability, responds to the needs and circumstances of countries; that is more equitable; fit-for-purpose; that considers a comprehensive insight into the country’s true circumstances.
We require the international community to empower us through facilitating more grant-based finance and concessional instruments, enabling us to access capital easily.
We require new approaches, such as linking debt restructuring to climate milestones.
We need mechanisms to unlock the private sector's potential, with the right incentives. Private sector lenders must partner with official creditors, to ensure favourable borrowing terms and extended maturities.
In closing, the Maldives’ experience shows the deep interconnection between the Blue Economy and climate finance, with each reinforcing the other to safeguard our heritage, livelihoods, and the future.
Once again, thank you for this opportunity.
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