Nations must commit to 1.5-degree target: President

President Dr. Mohamed Muizzu has stated that nations must commit to a plan that corrects their course towards a 1.5-degree pathway. He made the remark in his National Statement at the World Leaders Summit at the Twenty-Eighth Session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28).

In his speech, President Muizzu said he took office as President of the Maldives just 15 days ago, promising to protect the national interests and promising a prosperous future for every Maldivian. He expressed his commitment to keep his promises, knowing that issues such as climate change is beyond the control of a small nation such as the Maldives.

Outlining his expectations at COP28, President Muizzu said that the Global Stocktake must commit to a plan that corrects their course towards a 1.5-degree pathway, in line with the Paris Agreement and that it must be based on equity and the best available science, and it must inform the next set of more ambitious Nationally Determined Contributions (NDCs). He also said that nations must close the climate finance gap, emphasising that they are far from reaching this goal. He added that they need new, adequate, and predictable finance for ambitious climate action, with priority for adaptation.

Additionally, President Muizzu said the global financial architecture also needs a major overhaul. In a world where the climate is changing faster than ever, he said they cannot wait to overcome red tape to prove bankability and demonstrate viability. He highlighted that accessibility must be improved and assessment criteria must be revised. He also expressed approval for the decision taken to operationalise the Loss and Damage Fund.

Furthermore, President Muizzu declared the government's commitment to developing renewable energy systems capable of providing 33% of the nation's electrical needs within the next five years. He also noted that the current figure stands at 4%, and that Maldives aspires to generate a minimum of USD600 million to achieve the future goal, calling for the world’s support in this endeavour.