In a significant push for renewable energy development, President Dr. Mohamed Muizzu announced at the Maldives' side event on renewable energy that the nation is actively seeking investors for ocean current energy and other novel renewable energy initiatives.

He underscored the profitability of investing in renewable energy within the Maldives, highlighting the country's growing capacity in this sector.

Since the COP28 conference, the Maldives has expanded its renewable energy capacity from 53 to 68 megawatts.

The President detailed ambitious plans to achieve net-zero emissions by 2030 through investments in solar, wind, and other renewable sources, along with efforts to expand solar installations and reduce reliance on fossil fuels.

To support these goals, the Maldives has operationalized a waste-to-energy system in Addu City and is in the process of adding a 13-megawatt system in Thilafushi.

Additionally, the country is working on developing low-carbon transportation systems powered by renewable energy.

During his address, President Dr. Muizzu called for affordable climate finance and urged the establishment of the New Collective Quantified Goal.

This initiative aims to facilitate easy access to financial resources for climate mitigation, adaptation, and addressing loss and damage, all while striving to meet the 1.5 degrees Celsius target.

Concluding his remarks, President emphasized that the transition to renewable energy not only enhances climate resilience but also bolsters economies and promotes the development of resilient societies.

He expressed hope that the Maldives' efforts will serve as an inspiration for other nations to accelerate their own renewable energy initiatives.