A pathway has been opened for the Maldives to directly access financing for climate-related initiatives through the Green Climate Fund (GCF) without relying on external intermediaries.
The Ministry of Climate Change, Environment and Energy said the Maldives Finance and Leasing Company Pvt Ltd (MFLC)’s accreditation has been approved by GCF, marking a significant milestone in strengthening the Maldives’ institutional capacity to access international climate finance directly. MFLC’s accreditation was approved at the 46th meeting of the GCF Board, held in Songdo, Korea, from 26 to 29 October 2026.
This historic achievement establishes MFLC as the first national Direct Access Entity (DAE) accredited to the GCF in the Maldives, creating an important opportunity to mobilise climate finance through a Maldivian financial institution.
The GCF is the world’s largest dedicated climate fund, supporting developing countries in addressing climate change through adaptation and mitigation initiatives. Accreditation enables national institutions to develop and submit climate financing proposals directly to the GCF, strengthening country ownership and national capacity to deliver climate investments.
Over the past 11 months, MFLC has undertaken a comprehensive accreditation process with the GCF Secretariat, involving extensive institutional assessments, technical evaluations and enhancements to its governance, risk management and operational frameworks. According to the ministry, the process was supported by continued engagement and coordination with the ministry, reflecting a shared commitment to strengthening national capacity for direct access to international climate finance.
The ministry said the achievement represents an important advancement in the Maldives’ climate finance landscape. Establishing an accredited national financial institution would make the Maldives better positioned to develop and mobilise financing for climate investments aligned with national priorities, while strengthening domestic institutional ownership, financial expertise and implementation capacity, it said.
The ministry further noted that MFLC will build on its existing financing activities and sustainability initiatives, and intends to explore opportunities to develop GCF-supported financing projects in renewable energy, energy efficiency, sustainable maritime transport, water security and other climate-resilient investments. MFLC will also work towards expanding access to climate finance for businesses and supporting investments that contribute to the Maldives’ adaptation and mitigation objectives, including those outlined in the Maldives’ Third Nationally Determined Contribution (NDC 3.0).
The ministry reaffirmed commitment to translating the accreditation milestone into meaningful climate action through continued collaboration, the development of a nationally relevant climate investment pipeline and the mobilisation of financing to support the Maldives’ transition towards a climate-resilient and sustainable economy.