“COP-29 marks a beginning in climate finance for small nations

Minister of Climate Change, Environment, and Energy, Thoriq Ibrahim, stated that while COP-29 did not approve the full amount of financial assistance requested by small nations, it represents an important first step toward addressing climate change financing needs.

Speaking to PSM News about the outcomes of the COP-29 summit, Minister Thoriq noted that discussions centred around a proposed annual funding of USD 1.3 trillion for climate change initiatives. However, the summit agreed on an annual allocation of USD 300 billion. These funds will support the implementation of National Adaptation Plans (NAPs) and Nationally Determined Contributions (NDCs).

Minister Thoriq emphasised that the agreed amount falls significantly short of what is required by small island developing states (SIDS) like the Maldives to effectively address climate change. “The financial commitment is insufficient to meet the urgent needs of vulnerable nations,” he said.

He also pointed out that the summit lacked focus on measures needed to reduce global emissions. “I hope to see more progress in emission reduction commitments at the next COP,” the minister added.

One of the significant achievements of COP-29, according to Minister Thoriq, was the development of a framework for a global carbon market. This framework will facilitate the trading of carbon credits between countries, incentivising emission reductions and supporting climate action efforts.

The Maldives played a prominent role at this year’s COP summit, hosting four events and advocating for increased international financial support for small island nations. Minister Thoriq reiterated the Maldives’ longstanding commitment to addressing the challenges posed by climate change, particularly through collaboration with international financial institutions.