Speaking at Yale University, USA, Vice President Dr Mohamed Waheed has discussed the implications of volatile oil prices on the Maldivian and global economy.
He said due the global economic recovery and rising demand for oil from emerging markets, the oil prices were likely to stay high over the long run.
The Vice President said unpredictable prices oil and the prospect of higher oil prices over the long term meant shift to renewable energy was essential.
Speaking on the Maldives’ dependency on foreign oil, he said high oil prices would dampen its economic growth and development.
Therefore, in the first address by a Maldivian leader in the prestigious university, the Vice President stressed that the most important outcome of the Maldives’ carbon neutral plan would be freedom from dependency on imported oil.
He reiterated that the Maldives’ plan to go carbon neutral was not only borne from ecological concerns, but it was also influenced by economic considerations.
He said for the Maldives renewable energy made sense because imported oil was costly and it was hindering the development of the country.
In his address, the Dr Waheed also outlined the Maldives’ carbon neutral plan and highlighted the challenges posed by climate change for the security of the Maldives. In this regards, he explained the implications of climate change for security and human rights.
During his visit to New York, Vice President Dr Mohamed Waheed also met with Former President of Ireland Mary Robinson and discussed climate change and consolidation of democracy in the Maldives.