The Maldives has called for the reform of financial mechanisms established to sustain marine species and find solutions to climate change.
The call was made on behalf of the Maldives by Vice President Hussain Mohamed Latheef.
Speaking at the Honolulu International Forum (HIF) organised by the Pacific Forum in Honolulu, the Vice President stated that the Maldives will always remain steadfast in upholding the principles of the blue economy and advocating for the reform of financial mechanisms established to find solutions to climate change.
In his speech, he praised the work done by the Pacific Forum in the Indo-Pacific region over the past 50 years. He also highlighted the challenges faced by small island developing states like the Maldives due to climate change.
"As a country where a large part relies on marine life, issues such as coral bleaching, rising sea levels, and changes in ocean currents are causing immeasurable damage to the Maldives," the Vice President said.
He further stated that promoting a blue economy, protecting fisheries and marine species, and managing marine areas are things the Maldives will always advocate for. However, he noted that such projects require sustainable international financial assistance.
Furthermore, the Vice President called for a review of financial assistance mechanisms that rely on GDP. He also called for financial mechanisms to be changed to a framework that assesses the fragile situation of small island developing states and is based on those circumstances.
"It is important to shift the focus to concessional instruments and debt relief mechanisms," the Vice President said.
The Vice President concluded his speech by highlighting the importance of the blue economy and climate financing. He also emphasised the importance of working together to sustain the future of nations, maintain nationality, and ensure a resilient future.
The Honolulu International Forum is a monthly forum. Experts and policymakers from various fields participate in this forum, which is held to find solutions to political, economic, and security issues in the Indo-Pacific region.
