Minister of Foreign Affairs Moosa Zameer has called for a comprehensive overhaul of the global financial architecture, highlighting the unique challenges faced by Small Island Developing States (SIDS) like the Maldives. Speaking at a panel discussion titled ‘From Pocket to Planet: Scaling Up Climate Finance’ at the 60th edition of the Munich Security Conference, Zameer advocated for simplifying the access process and reconsidering the ‘bankability’ requirement, which often poses a significant hurdle for these nations.

At the conference, held from 16-18 February, Zameer proposed the adoption of the Multidimensional Vulnerability Index (MVI) as a means of improving accessibility to climate financing. He argued that the current framework needs to adequately address adaptation and mitigation needs, thereby necessitating high government expenditure on climate action.

The minister also highlighted the government’s environmental initiatives, including installing renewable energy systems to meet 33 percent of the country’s energy demand within the next five years and creating a zero-carbon ‘safe island’ elevated two to three metres above sea level.

Furthermore, Minister Zameer emphasised the recently established Loss and Damage Fund’s critical role in supporting the most vulnerable populations. His interventions at the conference underscored the urgency of climate action and the need for a more equitable global financial system.

The panel discussion also featured prominent figures such as the Prime Minister of Bangladesh, Sheikh Hasina; the Prime Minister of Barbados, Mia Mottley; and the Special Presidential Envoy for Climate of the United States of America, John Kerry.

The Munich Security Conference, focusing on a range of topics, including the role of Europe in security and defence, new visions of the global order, and the security implications of climate change, continues to be a significant platform for dialogue and policy formulation on global security issues.