Vice President Hussain Mohamed Latheef on Tuesday emphasised the critical role of healthy oceans in achieving sustainable development, during his address at the Maldives Side Event titled “Blended Finance Opportunities for Marine Biodiversity: Case Studies on Coral Reef Insurance and Blue Economy Financing.” The event was held on the sidelines of the Fourth International Conference on Financing for Development (FfD4).
In his remarks, the Vice President described the Maldivian oceans as a lifeline for both food security and income generation, noting that the tourism sector relies heavily on the country’s unique marine biodiversity. He expressed concern over the increasing frequency of mass coral bleaching events and the persistent underfunding of Sustainable Development Goal 14 – Life Below Water – describing the situation as both unacceptable and unsustainable.
The Vice President also announced the launch of the Maldives’ Coral Reef Insurance initiative, designed to bridge the ocean finance gap by pricing risk, protecting biodiversity, and establishing financial buffers against climate shocks. He explained that this blended finance instrument would facilitate access to critical funding for micro, small and medium enterprises (MSMEs) operating within the blue economy, and also aims to build a bankable pipeline of investment opportunities by derisking lending and strengthening business capacities.
Highlighting the vulnerability of Small Island Developing States (SIDS), the Vice President stressed that access to development finance is not merely important but essential for their survival. He called on the international community to reform the global financing system in light of escalating climate challenges.
The Vice President is currently in Spain to participate in the FfD4 conference, which is being held in Seville from 30 June to 3 July, 2025.