President Muizzu: Steps Decided to Cushion Maldives from Oil Price Fluctuations

President Mohamed Muizzu has said that steps have been decided upon to reduce the impact on the Maldives of fluctuations in oil prices and supply, and that work is underway to implement them. The Maldives is a country that depends on imported oil. He made the remarks in his statement on behalf of the Maldives at the Antalya Leaders Summit held on the sidelines of the COP31 Summit taking place in Antalya, Türkiye, where he shared the work the Maldives is carrying out against climate change and in the renewable energy sector. The President said that among the efforts being carried out with national priority is that by 2033, 33 percent of the energy produced in the Maldives will include renewable energy. "Investment in the renewable energy sector is important to achieve this. However, this is a difficult transition. The Maldives is an island nation, and there are challenges in building and maintaining such infrastructure sustainably," the President said. He said that, considering these challenges, the Maldives has prepared a roadmap for the energy sector - a roadmap for how to act in the transition from fossil fuel-based energy to sustainable and cost-effective renewable energy. "International support is important in this work of ours. Especially concessional financing. Access is needed to the means to invest in technology and in the energy sector," the President said. The President also said that the success of the renewable energy sector will not be built on the number of projects announced, but on the extent to which those efforts are implemented.