President Dr.Muizzu calls for global partnerships, debt forgiveness, and climate finance reform at SIDS Summit
At the SIDS Leaders Summit, a key side event of COP29, President Dr. Mohamed Muizzu delivered an impassioned speech today, emphasizing the urgent need for coordinated global action to address the unique challenges faced by small island nations in the face of climate change.
His message focused on three critical areas: global partnerships, debt forgiveness linked to climate resilience, and a fundamental overhaul of climate finance mechanisms.
Dr. Muizzu began by highlighting the harsh realities that nations like the Maldives face.
For us, climate change is not an abstraction; it is a force that erodes years of development gains, pulling us back to square one in mere minutes,
He stated
Stressing the inadequacies of existing financial systems, he called for immediate reforms to meet the pressing needs of Small Island Developing States (SIDS).
Call for Strong Global Partnerships
The first key action Dr. Muizzu proposed was a coordinated effort among global institutions.
He urged the United Nations, multilateral development banks, international financial institutions, and the private sector to come together to provide meaningful support to SIDS.
Forging partnerships can mitigate risks and make SIDS more attractive for investments
He said
Pointing out that collaboration is essential to addressing the financial and infrastructural vulnerabilities of island nations.
Innovative Debt Solutions for Climate Resilience
Recognizing the heavy debt burdens that small island states carry, Dr. Muizzu advocated for innovative financial solutions, specifically linking debt forgiveness to climate resilience milestones.
He argued that this approach would reward nations for their proactive efforts to adapt to and mitigate climate change.
We are spending more on debt repayment than on climate action
President Dr. Muizzu noted
Underscoring the urgent need for a system that rewards resilience and adjusts creditworthiness based on real vulnerabilities, not just income levels.
Reform of Global Climate Finance
In his third call to action, President Dr. Muizzu emphasized the importance of reforming global climate finance.
He stressed the need for a New Collective Quantified Goal on climate finance that reflects the true needs of SIDS, pushing for outcomes from COP29 that go beyond promises.
Ambitions without finance are merely aspirations
He warned
Adding that current financing mechanisms fail to address the immediate and growing needs of island nations.
President Dr. Muizzu also highlighted the necessity of revisiting the international carbon market mechanism under the Paris Agreement.
He argued that carbon markets should not only serve as trading platforms but also act as channels for technology transfer and sustainable development, especially for vulnerable SIDS.
President closed his speech with a powerful reminder that the time for promises has passed.
It’s time NOW, for us SIDS to unite in solidarity, and demand that words and promises be transformed into real, tangible action,
He declared
His call to action resonates deeply with other island nations facing the brunt of climate change, as they look to COP29 for concrete steps to ensure their survival and future prosperity.
COP29, the 29th Conference of the Parties to the United Nations Framework Convention on Climate Change (UNFCCC), is the world’s most significant meeting on climate change.
This year’s event is being held in Baku, Azerbaijan, from November 11 to 22, 2024.
President Dr. Mohamed Muizzu is representing the Maldives at COP29, continuing his active participation from the previous year.
He is accompanied by a delegation committed to addressing the unique challenges faced by Small Island Developing States (SIDS) in the context of global climate change.
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