First draft of Maldives carbon trading rules completed, minister says

Minister of Climate Change, Environment and Energy Ali Shareef said in remarks reported in Malé on Tuesday, 20 October, that the first draft of the regulations governing carbon trading in the Maldives has been completed and is now under review. Minister Shareef said the government aims to publish the regulations in the Government Gazette before the end of 2026, as it works to build the legal and regulatory framework needed for a carbon market in the country. According to the minister, the proposed regulations will set out administrative responsibilities, establish how carbon credits are managed, and lay down procedures for keeping records and reports. Carbon trading lets companies and countries earn credits for cutting greenhouse gas emissions, through activities such as tree planting and renewable energy projects including solar power, and then sell those credits on a carbon market. Minister Shareef stressed that a viable market depends on the credits meeting the quality standards that buyers require. He also acknowledged that significant challenges remain. Carbon projects need substantial investment, and earning a financial return from them can be difficult, which he said shows that several parts of the trading mechanism still need to be strengthened. The Ministry of Climate Change, Environment and Energy said it is also looking to grow the market through major projects, which it said could open further opportunities for the private sector. The draft has not been published, and no date has been set for when carbon credits from the Maldives could first be traded under the new rules.