Managing Director of State Trading Organisation (STO) Hussain Amr has called for climate-related research to be conducted in the Maldives. He made the remarks while speaking at the Private Sector Forum held by Islamic Development Bank (IsDB) on Evolving Trade towards Regional Cooperation, Sustainability and Inclusivity.
Speaking at the forum, Managing Director Amr thanked IsDB member International Islamic Trade Finance Corporation (ITFC) for facilitating USD175 million to support the import of essential commodities with STO. He said the facility will be used for energy security, food security, and medical security.
Describing the vulnerability of the Maldives, Managing Director Amru said the country has 1,200 islands which are all below 1m above sea level and that its economy is mainly based on tourism and fisheries, which are both sectors that are vulnerable to extreme weather conditions, sea-level rise, and rising temperatures. He detailed that the beaches are vulnerable to erosion due to sea-level rise and that this will have a devastating effect on tourism, the economy, and the livelihood of Maldivians. He also said the country is also facing coral bleaching due to rising temperatures and that this is damaging fisheries and the marine ecosystem.
However, Managing Director Amru said the Maldives is making efforts to mitigate and adapt to the effects of climate change. For example, he said resorts are initiating greener projects and some of the resorts are run completely on renewable energy. He said the Maldives is also creating awareness in different forms and different forums and that more people are now aware of the Maldives and more people are visiting the country every year, which has created growth in the economy as well.
Furthermore, Amru highlighted that the Maldives is one of the most vulnerable countries when it comes to climate change, making it the most ideal place to conduct case studies and research. He said there is an opportunity for international research institutes and universities to conduct surveys and do breakthrough research for affordable technology that the Maldives needs to progress towards a sustainable and green economy.