President Dr Mohamed Muizzu has called for urgent reform of the international financial architecture to ensure that the vulnerabilities of Small Island Developing States (SIDS) do not prevent them from accessing affordable climate finance.

The President made the remarks at the Alliance of Small Island States (AOSIS) Leaders Meeting with United Nations Secretary-General António Guterres, held on the sidelines of the COP31 Summit in Türkiye.

Addressing the meeting, President Muizzu highlighted the Maldives' ambition to achieve developed-country status by 2040, noting that climate change remains one of the greatest challenges to achieving this goal. He stressed the need to move beyond commitments towards concrete action, with climate finance, financial reform and implementation at the centre of global efforts.

On climate financing, the President called for funding that is adequate, accessible, predictable and primarily grant-based. He also urged increased adaptation financing and the urgent replenishment of the Loss and Damage Fund, particularly in anticipation of the potential impacts of a Super El Niño.

He stressed that vulnerable countries should not be forced to take on high-interest loans to address a climate crisis they contributed little to creating. Climate action, he said, must not undermine national development or place additional unsustainable debt burdens on vulnerable nations.

Highlighting the need for financial reform, President Muizzu noted that existing international financing arrangements often leave vulnerable countries dependent on expensive borrowing, further increasing national debt and restricting their ability to invest in development.

He called on international financial institutions and credit rating agencies to recognise the long-term economic value of investments in climate resilience.

The President also emphasised that international climate commitments must translate into tangible results. He welcomed COP31 initiatives focusing on global electrification, waste management, the circular economy and climate-resilient cities, while stressing the importance of adequate financing, technology transfer and practical support to implement these initiatives.

Reaffirming the position of Small Island Developing States, President Muizzu said that SIDS are not seeking charity or sympathy, but climate justice. He stressed that the true measure of multilateral cooperation lies not in the promises made, but in the results delivered.

Concluding his remarks, the President expressed gratitude to UN Secretary-General António Guterres for his longstanding commitment and support to Small Island Developing States, and extended his best wishes to him as he approaches the end of his term.