Will ensure countries pay money pledged at COP28: Maldives ex-president Nasheed

Dubai: Former Maldives president and Climate Vulnerable Forum 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.

The notable finance pledges made at COP28 include the US' commitment to contribute USD 3 billion to the Green Climate Fund and several nations, including the UAE, the EU, and the US, promising to pool over USD 400 million into the Loss and Damage Fund on the opening day of COP28, where 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.

"My job is to make sure that we get the money that they have pledged," Nasheed told PTI.

Regarding the G20 countries stating that USD 5.9 trillion is required by developing countries to meet Paris climate goals, he said: "We are stuck in trillions. So, I cannot see it going up to trillions."

Asked if the Loss and Damage Fund will be able to raise enough money to meet the demands of all poor and developing countries, he said: "No. They pledged USD 100 billion per year and failed to deliver. Even now, there's no intent." Nasheed mentioned that a deal on the operationalisation of the fund doesn't mean it will be up and running soon.

He also denounced the US contribution of USD 17.5 million to the Loss and Damage Fund, saying they could have not given anything, and even that would have been better.

"I think it's just like pointing out that we are not going to pay for the damage that we have not done," he said.

Nasheed, who served as the president of the Maldives from 2008 to 2012, also 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 wrecking the planet.

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.