Maldives has expressed disappointment with the outcomes of the 29th Conference of the Parties (COP29) under the United Nations Framework Convention on Climate Change (UNFCCC) in Azerbaijan, criticising the USD 300 billion annual climate finance target as inadequate for addressing the escalating challenges faced by vulnerable nations.

Thoriq Ibrahim, Minister of Climate Change, Environment and Energy, voiced these concerns in an interview with the BBC, stressing the urgent need for increased and more effective financial support to combat the climate crisis.

While the pledged USD 300 billion, drawn from public and private sources, marks an increase from the previous USD 100 billion target, Maldives argued that it falls significantly short of the actual needs.

Minister Thoriq emphasised that climate finance should be provided as grants rather than loans to prevent exacerbating the financial burdens on countries already struggling with the effects of climate change.

He also highlighted the stark contrast between the substantial investments by developed nations in warfare and their limited commitments to climate action, underscoring that climate finance represents a moral obligation for major polluters.

The COP29 negotiations were marked by tensions, with small island states staging walkouts to protest the lack of attention to their pressing concerns. Although the final agreement includes a commitment to triple funding for climate adaptation, scepticism remains about its adequacy in addressing the specific challenges faced by vulnerable nations.

Despite its dissatisfaction with the global response, Maldives reiterated its commitment to renewable energy goals, including transitioning 33 per cent of its energy consumption to renewables. However, achieving these ambitions depends heavily on securing adequate external funding.

With COP30 set to take place in Belém, Brazil, next year, Maldives is calling for stronger international commitments, including a greater focus on Indigenous leadership and locally driven solutions.

As the world races to limit global warming to 1.5°C, the Maldives continues to advocate for climate justice, pushing for more decisive action to support those on the front lines of the crisis.