Maldives joins calls for greater climate financing at COP31

Developing countries, including the Maldives, have called for increased climate financing and faster delivery of international funding commitments as negotiations continue at the COP31 United Nations Climate Change Conference in Antalya, Türkiye.

President Dr Mohamed Muizzu, who attended the conference's high-level summit, called on developed nations to honour their climate financing obligations and ensure that funding is predictable, accessible and provided through grants rather than additional borrowing.

Delivering the Maldives' National Statement on 11 November, President Muizzu warned that vulnerable countries should not be expected to accumulate unsustainable debt to address a climate crisis to which they have contributed relatively little.

He also called for reforms to the international financial system, arguing that financial institutions and credit rating agencies should better recognise the vulnerabilities of Small Island Developing States (SIDS) when assessing climate-related investments.

The concerns come as developed nations face growing pressure to fulfil a commitment agreed at COP29 in 2024 to mobilise at least USD 300 billion annually for developing countries by 2035. The agreement also called for scaling up climate financing from public and private sources to at least USD 1.3 trillion annually by 2035.

However, developing countries have warned that financing remains inadequate and difficult to access, particularly as climate-related disasters place increasing pressure on national budgets.

According to the Earth Negotiations Bulletin, developed nations pledged more than USD 800 million to the Fund for Responding to Loss and Damage in 2023, but only USD 486 million had been delivered by the start of COP31. The fund has received financing requests from 119 developing countries totalling approximately USD 2.8 billion.

Solomon Islands Prime Minister Matthew Wale also highlighted the financial challenges facing vulnerable island nations, warning that repeated disaster recovery expenditure is reducing the resources available for long-term climate resilience.

During a separate meeting of the Alliance of Small Island States (AOSIS) at COP31, President Muizzu called for reforms to ensure that climate vulnerability does not become a barrier to affordable financing. He also urged greater investment in adaptation and adequate funding for addressing climate-related losses and damage.

The President highlighted the Maldives' progress in accessing international climate finance, including the recent accreditation of its first national direct access entity to the Green Climate Fund.

For the Maldives, improved access to climate financing is particularly important for coastal protection, renewable energy development, resilient infrastructure and long-term economic sustainability.

COP31 runs from 9 to 20 November, with negotiations focusing on implementing existing climate commitments and addressing financing challenges facing vulnerable countries.