Maldives Seeks Investors for Ocean Energy Production

President Dr. Mohamed Muizzu has announced that the Maldives is seeking investors to generate ocean energy and produce new types of renewable energy.

The President made this announcement while speaking at a meeting on renewable energy hosted by the Maldives on the sidelines of the UN General Assembly. The President also noted that investing in renewable energy production in the Maldives would be a profitable business opportunity.

The President highlighted that since COP-28, the use of renewable energy in the Maldives has been increased from 53 megawatts to 68 megawatts. He also shared with the participants of the meeting the details of the plans formulated to reach net-zero emissions by 2030. This included plans to invest in energy generation from solar, wind, and other renewable resources, expand solar energy systems, and reduce the use of fossil fuels for energy.

Furthermore, the President called for climate finance to be made accessible. He also called for the inclusion of mechanisms for the rapid disbursement of funds, as outlined in the New Collective Quantified Goal. The President stated that this should include ways to receive financial assistance for climate change mitigation, adaptation, and recovery from loss and damage caused by climate change. He added that all these efforts should be shaped to achieve the 1.5-degree target.

The President stated that producing energy from renewable resources would increase climate resilience, strengthen the economy, and pave the way for a resilient society. He also expressed hope that the efforts of the Maldives would inspire other countries to produce energy from renewable resources.