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Minister Zameer calls for an enhanced global financial architecture at the Munich Security Conference

Minister Zameer calls for an enhanced global financial ... Image 1

 

17 February 2024

The Minister of Foreign Affairs, Moosa Zameer, participated in a panel discussion entitled “From Pocket to Planet: Scaling Up Climate Finance” at the 60th Edition of the Munich Security Conference, taking place from 16 – 18 February 2024.

In his interventions, Minister Zameer stressed the need to reform the global financial architecture, calling to simplify access and revisit the need to demonstrate “bankability” for Small Island Developing States (SIDS) like the Maldives. He urged the use of the Multidimensional Vulnerability Index (MVI) to improve accessibility to climate financing. He emphasised that the current framework does not accomodate adaptation and mitigation needs, which results in the governments high expenditure on climate action. He further highlighted the pledges by the Government of Maldives, including the installation of energy renewable systems to cater to 33% of the country’s demand in the next five years and creation of a zero carbon ‘safe island' which is two to three metres above sea level. 

Minister Zameer further highlighted the need for the recently established Loss and Damage Fund to cater to the most vulnerable. 

Minister Zameer participated in the panel alongside the Prime Minister of Bangladesh, Sheikh Hasina, Prime Minister of Barbados, Mia Mottley, and the Special Presidential Envoy for Climate of the United States of America, John Kerry. The panel was moderated by Ms. Bogolo Joy Kenewendo, Africa Director, and Climate Change High-Level Champion of the United Nations. 

ENDS