Former Maldives President Mohamed Nasheed vows to ensure countries deliver on climate finance promises

Former Maldives president and Climate Vulnerable Forum CVG Secretary-General Mohamed Nasheed on Monday said he will ensure that countries, including the US, the UAE and the European Union, actually deliver on the promises made at the Dubai climate conference to provide finance to climate-vulnerable nations.

Former Maldives president and Climate Vulnerable Forum (CVF) Secretary-General Mohamed Nasheed expressed his determination to ensure that countries, including the US, the UAE, and the European Union, fulfill their promises made at the Dubai climate conference to provide finance to climate-vulnerable nations.

Climate Vulnerable Forum

The CVF, a group of developing countries highly vulnerable to climate change, was founded in November 2009 in the Maldives capital of Male. The Forum now comprises 68 countries representing 1.74 billion people.

Notable Finance Pledges

Significant finance pledges were made at COP28, including the US commitment to contribute USD 3 billion to the Green Climate Fund. Several nations, including the UAE, the EU, and the US, promised to pool around USD 725 million into the Loss and Damage Fund within the first 48 hours after countries clinched an early deal on how to compensate developing and poor nations that bear the brunt of the climate crisis despite contributing little to it.

In addition, USD 3.5 billion has been announced to replenish the Green Climate Fund, USD 2.7 billion pledged for health, USD 2.6 billion has been committed for food systems transformation, USD 2.6 billion pledged to protect nature, USD 467 million has been announced for urban climate action, and USD 1.2 billion has been committed for relief, recovery, and peace until Tuesday afternoon, according to a statement by the COP28 Presidency.

Ensuring Delivery of Pledged Funds

Nasheed emphasized his role in ensuring that the pledged funds are delivered. He acknowledged the significant gap between millions and trillions, expressing skepticism about the possibility of reaching the trillions required by developing countries to meet Paris climate goals, as stated by the G20 countries.

Challenges in Meeting Demands

Regarding the Loss and Damage Fund, Nasheed expressed doubts about its ability to raise sufficient funds to meet the demands of all poor and developing countries. He pointed out the failure of developed countries to deliver on their pledge of USD 100 billion per year and the lack of intent to fulfill this commitment.

Nasheed also criticized the US contribution of USD 17.5 million to the Loss and Damage Fund, stating that it would have been better if they had not given anything at all. He saw this as a way for the US to avoid responsibility for the damage caused by their actions.

World Bank Involvement

Nasheed emphasized that the group did not want the World Bank to administer the Loss and Damage Fund, even temporarily for four years. He called for investors from countries like India to come and invest in projects that can deliver high employment, low inflation, and high economic growth in climate-vulnerable countries without harming the planet.

Mohamed Nasheed's determination to ensure the delivery of climate finance commitments made at COP28 is crucial for supporting climate-vulnerable nations. While significant pledges have been made, skepticism remains regarding the fulfillment of these promises. Addressing the challenges in meeting the demands of developing countries and ensuring transparency in the use of funds will be essential in the fight against climate change.