Foreign Minister Moosa Zameer has stressed the need to reform the global financial architecture, calling to simplify access and revisit the need to demonstrate “bankability” for Small Island Developing States (SIDS) like the Maldives.
He made the remarks during a panel discussion entitled “From Pocket to Planet: Scaling Up Climate Finance” at the 60th Edition of the Munich Security Conference, taking place from February 16 to 18.
Zameer urged the use of the Multidimensional Vulnerability Index (MVI) to improve accessibility to climate financing and emphasized that the current framework does not accommodate adaptation and mitigation needs, which results in the governments' high expenditure on climate action.
He further highlighted the pledges by the Maldives government, including the installation of energy-renewable systems to cater to 33 percent of the country’s demand in the next five years and the creation of a zero carbon "safe island" which is two to three meters above sea level.
Zameer further highlighted the need for the recently established Loss and Damage Fund to cater to the most vulnerable.
The Foreign Minister participated in the panel alongside the Prime Minister of Bangladesh Sheikh Hasina, the Prime Minister of Barbados Mia Mottley and the Special Presidential Envoy for Climate of the United States of America John Kerry.
