At a Maldives side event focused on renewable energy, President Dr Mohamed Muizzu unveiled the country’s initiative to harness ocean current energy and other innovative renewable energy sources, inviting investors to explore these emerging opportunities.

He highlighted the strong business potential of investing in the Maldives' renewable energy sector.

President Dr Muizzu noted the country's progress in renewable energy, with capacity rising from 53 to 68 megawatts since COP28. He outlined plans to achieve net-zero emissions by 2030 through investments in solar, wind, and other renewable sources, while expanding solar installations and reducing reliance on fossil fuels.

To meet these targets, the Maldives has launched a waste-to-energy system in Addu City, is installing a 13-megawatt system in Thilafushi, and is developing low-carbon transportation systems powered by renewable energy.

The President called for affordable climate finance, stressing the need for the New Collective Quantified Goal to ensure easy access to funds for mitigation, adaptation, and addressing loss and damage. He urged for swift disbursement of funds in line with the 1.5-degree climate goal.

Concluding his remarks, President Dr Muizzu emphasised that transitioning to renewable energy not only builds climate resilience but also strengthens economies and creates resilient communities. He expressed hope that the Maldives' efforts would inspire other nations to accelerate their own renewable energy initiatives.