Excellencies, Ladies and Gentlemen,
The vibrant coral reefs, clear blue waters and majestic ocean life is what makes up our Large Ocean State.
It is our lifeline – for food, for income, and the foundation for our prosperity.
Today, the tourism sector of Maldives, brings in over 20% of our national GDP. In fact, majority of tourists choose Maldives for our unique marine biodiversity.
But the impacts of climate change are unavoidable. Mass coral bleaching events are becoming more frequent.
Their recovery takes decades – which is time we do not have. As guardians of 3.14% of the world’s coral reefs, our responsibility is global.
This year, at the 3rd UN Ocean Conference, we’ve recognised that SDG14—Life Below Water—is the least funded of all Sustainable Development Goals. That is unacceptable—and unsustainable.
Hence, Maldives is stepping forward as an innovator and a partner in solution-building.
Today we are here to reaffirm a simple truth: Sustainable development will not be achieved without healthy oceans – and that requires sustained investment.
We are actively designing and launching innovative mechanisms to bridge the ocean finance gap. With support from the United Nations Development Programme and valued partners, we are proud to present the two transformative initiatives that will be displayed here today.
‘Coral Reef Insurance’ seeks to price risk, protect biodiversity, and create financial safety nets against climate shocks.
Blended finance instrument also enables access to key financing support for Micro, Small and Medium Enterprises (MSMes) in the blue economy sector. Our aim is to create bankable pipeline of investment opportunities by derisking lending and developing business capacities.
What we are building are not one-off projects.
They are pathways for how SIDS can blend public, private, and international finance to conserve nature while growing inclusive economies.
With this event, let us share these ideas and form partnerships that will hopefully outlast these conference halls.
For SIDS like us, financing for development is a matter of our survival.
Without a doubt, development finance must be reformed to reflect the realities of a world facing climate challenges.
The Maldives stands ready—to act, to innovate, and to partner.
I Thank you.