Minister of Finance and Public Enterprises Hassan Zareer has stated that to transform the Maldives into a developed nation by 2040, the country must invest significantly in renewable energy, environmental conservation, and water security.

Speaking as the chief guest of the Maldives Finance Forum 2026, Minister Zareer emphasized that climate change poses a direct threat to the Maldivian economy and the livelihoods of its citizens. Highlighting the vital role of marine ecosystems in sustaining tourism and fisheries, as well as in coastal protection, he underscored the importance of integrating climate resilience into the planning and financing of the Maldives’ development projects.

"Climate risk is an economic risk, and economic risks must be managed," Minister Zareer remarked.

Minister Zareer noted that while the state budget, international aid, and concessional loans remain important for building resilient infrastructure and securing essential services, private capital and long-term investments from financial institutions are equally vital. Furthermore, Minister Zareer noted the importance of private capital investments and long term investments from financial institutions for such purposes, in a manner that does not increase the debt burden on future generations.

Minister Zareer further stated that achieving the target of meeting 33% of the country’s energy demand through renewable sources by 2028 will require substantial investments and strategic partnerships. He added that expanding renewable energy capacity would significantly reduce the nation's dependence on imported fuel.

During his address, Minister Zareer also highlighted the ongoing implementation of the "National Sustainable Finance Roadmap" and the "National Financial Inclusion Strategy." He noted that the accreditation of the Maldives Finance and Leasing Company (MFLC) as the first local entity with direct access to the Green Climate Fund (GCF) provides a major boost in securing international climate finance and congratulated the company.

Urging banks to introduce financial products specifically tailored for sustainable projects, the Minister Zareer also encouraged businesses to submit viable, bankable proposals. He concluded by stating that the success of green finance should be measured by the outcomes of implemented projects, including robust infrastructural facilities, reduced fuel dependency in energy production, and financial security for the Maldivian people.

The Maldives Finance Forum is a platform that brings together policymakers, regulators, financial institutions, development partners, and civil society organizations. This year marks the 13th edition of the forum.