Maldives’ investment framework for net zero clean

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dc.contributor.authorMinistry of Tourism and Environment, Republic of Maldives
dc.contributor.authorމިނިސްޓްރީ އޮފް ޓޫރިޒަމް އެންޑް އެންވަޔަރަންމަންޓް، ރިޕަބްލިކް އޮފް މޯލްޑިވްސް
dc.date.accessioned2025-03-19T09:28:23Z
dc.date.issued2023-07-01
dc.identifier.citationMinistry of Tourism and Environment, Republic of Maldives. (2023). Maldives’ investment framework for net zero clean.
dc.identifier.citationމިނިސްޓްރީ އޮފް ޓޫރިޒަމް އެންޑް އެންވަޔަރަންމަންޓް، ރިޕަބްލިކް އޮފް މޯލްޑިވްސް. (2023). މޯލްޑިވްސް އިންވެސްޓްމަންޓް ފްރޭމްވޯރކް ފޯރ ނެޓް ޒީރޯ ކްލީން.
dc.identifier.urihttps://saruna.mnu.edu.mv/handle/123456789/15706
dc.language.isoen
dc.publisherMinistry of Tourism and Environment, Republic of Maldives
dc.publisherމިނިސްޓްރީ އޮފް ޓޫރިޒަމް އެންޑް އެންވަޔަރަންމަންޓް، ރިޕަބްލިކް އޮފް މޯލްޑިވްސް
dc.subjectAccelerating renewable energy
dc.subjectIntegration and sustainable energy
dc.subjectBattery energy storage systems
dc.subjectMethane
dc.subjectCarbon dioxide
dc.subjectCarbon offsetting and reduction scheme for international aviation
dc.subjectCapacity utilization factor
dc.subjectEnergy efficient
dc.subjectElectric vehicles
dc.subjectFuel cell electric vehicles
dc.subjectGeneration-based incentives
dc.subjectGlobal environment facility
dc.subjectGreenhouse gas
dc.subjectGigawatt
dc.subjectHeavy duty vehicle
dc.subjectHydrogen refueling station
dc.subjectInternal combustion engines
dc.subjectInternational energy agency
dc.subjectIntergovernmental panel on climate change
dc.subjectLight commercial vehicle
dc.subjectLiquefied petroleum gas
dc.titleMaldives’ investment framework for net zero clean
dc.typeBook
dcterms.abstractGlobally, climate change continues to advance, with disproportionate impacts on the most vulnerable. The United Nations' Intergovernmental Panel on Climate Change (IPCC) Report 2022 states that the negative impacts of climate change are mounting much faster than scientists predicted less than a decade ago, with many such impacts being unavoidable and expected to hit the world's most vulnerable populations the hardest. The Republic of Maldives is one of such highly vulnerable country to the impacts of climate change, even though the country's contribution in the overall global emission is minimum. Over 80% of the land area in Maldives is less than one meter above sea level. Its fragile ecological profile and low elevation, combined with its economic dependence on a limited number of blue economy sectors (fisheries and nature-based tourism) makes it highly and disproportionately vulnerable to extreme climate events'. A sea level rise of even a meter can lead to loss of almost entire land area of Maldives. Therefore, strengthening adaptation and developing resilience is a top priority for Maldives particularly for infrastructure resilience, food and water security, systematic observation and early warning etc. as identified in its Nationally Determined Contributions (NDC). While Maldives is continuously working to increase its climate resilience, it wants to reduce its own emissions that are largely caused by fossil fuels - imported for its power and transport sectors. At present, the country is highly dependent on fossil fuels that contribute to ~99% of its energy mix. If Maldives continues to rely on fossil fuels going forward, its GHG emissions are likely to double by 2030 (~1,900 ktCO2e in 2020 to -3,500 ktCO2e in 2030). Given that all fossil fuels used in the country are imported, it could have a significant impact on Maldives' economy and energy security as well. Therefore, mitigating the impacts of climate change is critical for the Maldives. In recognition of these threats, the Government of Maldives (GoM) is actively driving policy agenda on climate change to ensure a safe, sustainable, resilient, and prosperous future for its citizens. At the United Nations Climate Ambition Summit in December 2020, Maldives made a commitment to strive towards achieving net-zero status by 2030 with extensive international support. Thereafter, the country's Nationally Determined Contribution (NDC) has been updated to reflect this commitment, with an aim to increase the share of renewable energy, reduce grid losses, establish efficient transport management system, establish, and integrate waste-to-energy plants, ensure climate proofing of critical infrastructure, among others. Transitioning to renewable energy will help Maldives achieve the ambitious mitigation target in its revised NDC. In the 2020 update of the NDC, Maldives made ambitious plans to reduce emissions by 26% by 2030 through increased use of renewable energy sources2. Renewable sources of energy like solar PV not only provides an opportunity for decarbonizing the electricity sector, but also in achieving energy security on account of lower dependence on fuel imports. The World Bank Group (WBG) has been a long-standing partner of the GoM in facilitating renewable energy projects and is committed to support the net zero transition. The World Bank and the GoM bring in extensive experience of implementing key projects across infrastructure development, clean energy, climate, and adaptation space. Building on the success of the partnership, the WBG and the GoM approved a new project titled Accelerating Renewable Energy Integration and Sustainable Energy (ARISE) in December 2020.

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