Green Finance Workshop Empowers Financial Institutions in the Maldives

The Maldives National University recently hosted a Green Finance Workshop aimed at financial institutions, organized by the PROMISE project. PROMISE, supported by the European Union under the SWITCH Asia Programme, focuses on preventing marine litter in the Lakshadweep Sea and promoting Sustainable Consumption and Production (SCP).

The workshop, held on November 9, 2023, brought together 12 participants from various financial institutions and relevant organizations, including the Ministry of Environment, Climate Change and Technology, Maldives Fund Management Corporation, Commercial Bank of Maldives, Bank of Maldives, SME Development Finance Corporation Private Limited, Maldives Finance and Leasing Company, Housing Development Finance Corporation Plc, and Habib Bank Limited.

The primary objective of the workshop was to address the challenges and opportunities unique to the Maldives and explore the potential of sustainable finance. Participants gained valuable insights into cutting-edge zero-waste technologies that could play a pivotal role in securing green financing.

During the workshop, participants were divided into two groups to discuss the challenges they face in accessing green finance opportunities and the barriers hindering the design and delivery of cleantech finance products and services. The discussions led to the identification of potential solutions and emphasized the importance of training and opportunities to leverage existing resources and expertise.

Additionally, the workshop facilitated the creation of Green Finance Actor Landscapes, where participants identified key actors in the Green MSME finance sector, both nationally and internationally. These actors include International Donors & Green Finance Funds, Intermediaries and Civil Society, Local Government, and Local Finance Institutions.

The success of this workshop sets the stage for future events planned in Sri Lanka and India in the coming months. These workshops will further strengthen the collaboration among financial institutions and stakeholders in the region, fostering sustainable finance practices and supporting Micro, Small, and Medium-sized Enterprises (MSMEs) in implementing high-cost waste minimization options.

The Green Finance Workshop at The Maldives National University marks a significant step towards achieving the goals of the PROMISE project and promoting a sustainable future for the Maldives and the Lakshadweep Sea.