The Maldives Monetary Authority (MMA), the central bank of the Maldives, has enlisted MTI Consulting, an international strategy consultancy, to develop a green finance framework. This initiative aims to identify sectors, sub-sectors, and activities that can be considered as green.
MTI Consulting will take into account internationally adopted practices such as technical screening and principle-based approaches, as well as the unique circumstances of the Maldives. The consultancy will also identify policy gaps and recommend improvements to facilitate more effective green financing.
The Maldives, a small-island developing state (SIDC), faces extreme risks from climate change, including rising sea levels, increasing sea surface temperatures, erosion, droughts, coral reef bleaching, and vector-borne diseases. These environmental challenges threaten the tourism and fisheries industries, which are vital to the country’s economy.
“Mitigating and adapting to these vulnerabilities requires funding at international, institutional, and individual levels. This, in turn, necessitates an effective governance ecosystem,” MTI Consulting stated.
With 27 years of experience, MTI Consulting has completed 680 projects across 51 countries, supported by 7 regional offices and associates in over 30 countries.