In the Asia-Pacific INFF Exchange, Ahmed Saruvash Adam, the Chief Financial Budget Executive of the Ministry of Finance of Maldives, discussed the country's acute vulnerability to climate change effects like erosion and ocean acidification. These factors make climate change an essential element in Maldivian development and financial planning.
He stressed that the Maldives faces several development challenges, including public services provision, an aging population, and the need for healthcare and infrastructure investment. These issues are aggravated by climate change, which could negate any progress made.
The Maldives requires $800 million to $1.5 billion for climate change mitigation and adaptation, an amount that exceeds the current budget allocation. Mr Adam called for private sector involvement and international partnerships, with an Integrated National Financing Framework (INFF) to coordinate these efforts.
As a solution, the Maldives launched a gender-responsive climate financing strategy, the first by a small island state, aiming to transition to a low-carbon, climate-resilient economy. He highlighted the country's current reliance on fossil fuels and the negative impacts of climate change on tourism, underscoring the need for aligning finances towards sustainable objectives.
Mr Adam also emphasized the importance of a gender-responsive approach in climate finance, stating that climate change impacts vulnerable groups most, including women and children. He affirmed that any climate finance mobilization should concurrently address gender issues, aiming for a sustainable and resilient future for all Maldivians.
Presentations:
About the event:
The June 2023 Asia-Pacific INFF Exchange event served as a forum for dialogue between policymakers leading INFF processes across the region, engaging private sector actors, civil society and international partners on sustainable finance. Through this event, participants shared and learned from promising approaches and practices, compared their different initiatives and identified barriers and opportunities for financing sustainable development. The event was jointly hosted by the INFF Facility, UNDP, UNDESA, UNESCAP and EU.
About session 1: Integrated national financing frameworks: building a more sustainable national financing architecture
This session showcased experiences across the region with country-led INFFs. It highlighted how Ministries of Finance and Planning are using the INFF approach to mobilise and align financing for sustainable development and build a more sustainable financing architecture at the national level.
