Sunday 21st Jul 2024
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President Raises Concern Over Insufficient Climate Finance for Projects like Rasmale'

President Dr. Mohamed Muizzu has articulated concerns over the lack of climate finance for ambitious projects like Rasmale', heralded as the first eco-city in the Indian Ocean designed with climate change adaptation at its core. Speaking out in an opinion piece published by The Guardian, President Muizzu highlighted the pivotal role of Rasmale' in addressing the imminent threats of climate change in the Maldives, a nation disproportionately susceptible to its adverse effects.
Muizzu underscored the significance of Rasmale's proactive measures in combating climate change, citing its elevation three meters above sea level as a crucial strategy to mitigate potential risks. However, despite its environmental significance, the President lamented the insufficient allocation of climate finance, attributing this shortfall to the classification of projects like Rasmale' as infrastructure endeavors rather than climate adaptation initiatives by international financiers and banks.
The President emphasized the profound dependence of small island nations like the Maldives on foreign funding to confront climate-related challenges effectively. He stressed the urgent need for adequate financing to support essential activities such as the construction of bridges or causeways to connect and urbanize islands, thereby bolstering access to vital services like education and healthcare while fortifying societal resilience against climate change.
Muizzu announced the Maldives' intention to advocate for the implementation of a multidimensional vulnerability index (MVI) at the upcoming United Nations Fourth International Conference of Small Island Developing States. He argued that ratifying the MVI would prompt a reassessment of funding criteria, ensuring that sufficient resources are allocated to address the pressing needs of small countries grappling with climate change and related issues.