Vice President calls for review of climate change financial assistance framework

Vice President Hussain Mohamed Latheef has underscored the crucial importance of reviewing the framework designed to provide financial assistance to countries which are most affected by climate change. He made the statement during his address at the Commonwealth Heads of Government Meeting (CHOGM) Climate Breakfast: Building Consensus for Climate Finance Targets in the Commonwealth. In his address, Vice President Latheef shed light on the escalating impacts of climate change and extreme weather events, which are disproportionately affecting the most vulnerable populations. Highlighting that several small island countries, including the Maldives, are exerting efforts to become more resilient to these changes, the vice president emphasised the need for financial assistance, to combat the negative impacts of climate change effectively. During the event, Vice President Latheef called for a new collective quantified goal on climate finance that exceeds the previously agreed USD100 billion per year, incorporating essential sub-goals for loss and damage response, mitigation, and adaptation. The vice president stressed the significance of modifying the international financial architecture to better cater to the development needs of vulnerable nations, including Small Island Developing States (SIDS). As such, he urged for a new collective quantified goal on climate finance that needs to be agreed and concluded at COP29. Before concluding, the Vice President Latheef called for ambitious submissions of new Nationally Determined Contributions (NDCs), guided by the global stocktake, and urged Commonwealth members to steer back towards a 1.5-degree pathway, and to act decisively for future generations, for people and the planet. He concluded his address after praising the Commonwealth Climate Finance Access Hub for its support to the Maldives. Vice President Hussain Mohamed Latheef arrived in Apia, Samoa, to attend the 27th Commonwealth Heads of Government Meeting (CHOGM) 2024,which will take place from October 21 to 26. He is accompanied by a high-level government delegation, and is expected to deliver important statements during various sessions of the CHOGM.