President Dr Mohamed Muizzu has called for reform of the international financial architecture, so that the vulnerabilities of Small Island Developing States (SIDS) do not become barriers to affordable climate finance.
The President made the remarks at the Alliance of Small Island States (AOSIS) Leaders Meeting with United Nations Secretary-General António Guterres, held on the sidelines of COP31 in Antalya, Türkiye.
He said the Maldives aims to achieve developed country status by 2040, and that climate change is one of the greatest obstacles to that goal.
The focus must now shift to action, the President said, centred on climate finance, financial reform and implementation.
He stressed that climate finance must be adequate, accessible, predictable and grant-based. He called for more adaptation finance and urgent replenishment of the Loss and Damage Fund, especially with a Super El Niño expected.
President Muizzu said countries should not be forced to borrow at high interest rates to deal with a crisis they did little to create. Climate action, he said, must not come at the cost of development or leave vulnerable nations with unsustainable debt.
He noted that current financing arrangements often push vulnerable countries into expensive borrowing, which adds to their debt and limits their fiscal space. He called on international financial institutions and credit rating agencies to recognise the long-term economic value of investing in climate resilience.
On implementation, the President welcomed COP31 initiatives on global electrification, waste management, the circular economy and climate-resilient cities. He said these efforts must be backed by adequate financing, technology transfer and practical support.
The President said SIDS are not seeking charity or sympathy, but climate justice. He added that the true test of multilateralism lies in the results delivered, not in the commitments made.
At a separate high-level event at COP31 on the second decade of the Paris Agreement, the President said development and climate resilience are inseparable for small island states. He said world leaders will be judged by their actions, not their promises.
Concluding his remarks at the AOSIS meeting, President Muizzu thanked Secretary-General Guterres for his steadfast commitment to SIDS throughout his tenure. He extended his best wishes to Guterres as he approaches the end of his term.
