The incumbent administration is committed to develop renewable energy systems capable of providing 33 percent of the nation's electrical needs within the next five years, says President Dr. Mohamed Muizzu.

The Maldivian leader said this while delivering the national statement at the High-Level Segment of the 28th Session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28) held in Dubai, United Arab Emirates (UAE).

Taking the podium at the high-level segment of COP28, President Muizzu declared the government's commitment to developing renewable energy systems capable of providing 33 percent of the nation's electrical needs within the next five years and revealed that the current figure sits at four percent.

President Muizzu stated that Maldives aspires to generate a minimum of 600 million dollars to achieve the future goal, calling for the world’s support in this endeavor.

The Maldivian leader shed light on the expectations the island nation has for COP28 and went on to emphasize the significance of the Global Stocktake committing to a strategy that corrects the course towards a 1.5-degree trajectory as per the Paris Agreement.

President Muizzu stated that it was imperative to recognize the need to bridge the climate funding gap and emphasized that it must be founded on equity and the best available science.

The president further stated that it was important to improve accessibility and revise the assessment criteria.

President Muizzu also welcomed the decision taken on Thursday to operationalize the ‘Loss and Damage Fund’.