Climate risk must be weighed when giving financial aid, says President Muizzu

President Dr. Mohamed Muizzu has said that when providing financial assistance to small island countries, the level of climate risk those countries face must be weighed, rather than looking only at income. Speaking at a high-level roundtable meeting held on the sidelines of COP31, the President said that for small island countries, development and climate resilience are two inseparable matters. He also highlighted the importance of establishing an arrangement through which climate financing can be obtained easily and conveniently, in order to overcome the fragile situations faced by island countries. Noting that the adverse impacts caused to small island countries by climate change are a major reality known to all, the President said that the Maldives too has carried out many related efforts. The President said the Maldives has done a great deal of work over many years to formulate projects through which financial assistance can be sought, to include climate resilience in development plans, and to advocate at the international level, but due to shortcomings in the world's financial system, countries like the Maldives are forced to take on large debts in order to protect the people and the islands. He said such predicaments are not matters that can be solved by countries in fragile situations alone, and called for working together promptly and sustainably across the world. Noting that 10 years have passed since the Paris Agreement, the President called on countries to remain steadfast in implementing that agreement, saying that the mere promises of leaders will not suffice and that history will judge by their actions. Highlighting efforts made at the national level, the President said that Hulhumalé is a strategic reclaimed land developed to increase resilience. He also said that the Rasmalé project currently being developed is designed as an environmentally friendly city, raised higher than the level estimated for sea level rise, with low carbon use. The President noted that awareness of climate change must be made an important element of development, and that it must not become something done only after a disaster. He also said that financial assistance given to developing countries for climate change awareness must be something received as grant assistance.