President His Excellency Dr Mohamed Muizzu has stated that ambitions without finances are only aspirations, and the current financial system fails to meet the urgent needs of Small Island Developing States (SIDS). He made these remarks at the Leaders’ Summit of Small Island Developing States (SIDS) on Climate Change, at the 29th Conference of Parties (COP29) of the United Nations Framework Convention on Climate Change (UNFCCC).

President Dr Muizzu noted that climate change erodes years of development gains, and called for transformations. He made three calls for action to ensure current financial architecture meets the urgent needs of SIDS:

1. Unified global support from the UN, MDBs, international financial institutions, and the private sector.


2. New innovative financial solutions, linking debt forgiveness to climate resilience milestones, and rewarding efforts with redefined creditworthiness.


3. COP29 to establish a new climate finance goal reflecting actual needs and conclude discussions on international carbon market mechanism.

Speaking at the event, the President highlighted some of the transformational actions being taken by the Maldives, including economic, urban development, and electricity. He emphasised that SIDS have been advocating for climate action for decades, calling for solidarity and demanding words and promises be transformed into action.