Maldives criticises COP29 climate finance as insufficient, calls for increased aid

Minister of Climate Change, Environment and Energy, Thoriq Ibrahim, has voiced the Maldives’ concerns regarding the USD 300 billion allocated for climate finance at the COP29 summit, stating it falls short of what is needed to address the climate crisis.

In an exclusive interview with the BBC, Environment Minister Thoriq shared the Maldives’ perspective on the decision made at the summit. While the Maldives does not consider the approved amount adequate, the minister noted that the country accepted the decision in the spirit of fostering multilateral cooperation.

Highlighting the Maldives’ climate initiatives, Minister Thoriq stated that the government aims to transition 33% of the nation’s energy consumption to renewable energy. He emphasised that achieving this goal, a key policy of President Dr. Mohamed Muizzu, requires significant financial support.

During the interview, the minister outlined the challenges faced by the Maldives due to climate change, including unprecedented heavy rainfall this year, coastal erosion, and water salinity issues. He underscored the urgent need for foreign financial assistance to address these issues effectively.

Minister Thoriq reiterated that the USD 300 billion pledged at COP29 is insufficient and emphasised the necessity for this funding to be provided as free aid rather than loans. He argued that developing countries require substantially more support, estimating that USD 1.3 trillion annually will be needed by 2035 to combat the effects of climate change.

The minister also criticised major countries for their reluctance to provide adequate financial assistance despite being the largest contributors to greenhouse gas emissions. He pointed out that these nations are allocating significant resources to warfare while neglecting the urgency of addressing climate change.