Maldives main bank and the environment ministry have introduced a joint fund of MVR 500 million for renewable energy initiatives. Bank of Maldives Limited ( BML ) CEO and managing director Andrew Healy stated the “BML Green Fund” will provide loans for individuals and enterprises’ projects to protect the environment and produce renewable energy. Speaking at a press conference held at BML’s head office early Thursday, CEO Healy said discussions on projects eligible for Green Fund loans are currently ongoing with the environment ministry, the details of which will be disclosed early next year. He added that the Green Fund will reduce costs of producing clean energy and minimising the use of carbon and electricity in households and enterprises. Environment minister Thoriq Ibrahiim asserted that the Maldives, as the chair of the Alliance of Small Island States (AOSIS), is endeavouring to raise funds to reduce the negative impacts of climate change on small island nations and adept. He said the newly introduced BML Green Fund will be an advancement to the Maldives’ efforts and receive international recognition. The minister maintained that the increased use of renewable energy and minimising carbon emission by local enterprises and civilians will bring positive changes to the nation’s development. Minister Thoriq added that 19 public companies, including BML, had signed an agreement to increase the use of renewable energy prior to the global summit on climate change COP21, which recently ended in Paris.