ECONOMYNEXT – MTI Consulting, an international strategy consultancy, said the Maldives Monetary Authority (MMA), the country’s central bank, has hired it to develop a green finance framework.
This will help “to map the sectors, sub-sectors and activities – that can be considered as Green,” MIT said in a statement.
MIT said it will be considering internationally adopted practices (eg technical screening, principle-based etc) and Maldives’ own circumstances.
It will also identify policy gaps and recommend improvements – that can enable more effective green financing.
The Maldives is at extreme risk from climate change.
The small-island development state (SIDC) faces rising sea levels, sea surface temperature, erosion, droughts, bleaching of coral reefs, vector borne diseases – all of which impact the tourism and fisheries industries that its economy depends on.
“Mitigation and adaptation of above vulnerabilities, requires funding – at international, institutional and individual levels. This in turn requires an effective governance ecosystem in place.”
MTI Consulting has carried out 680 projects across 51 countries, over the last 27 years via 7 regional offices and associates across 30+ countries. (Colombo/Jul31/2024)