“Climate finance must be accessible not only to governments, but also to private sector stakeholders”

“Sustainability may seem costly at first, but the urgency of now compels us to take bold actions.”

The Minister of Financial Services and Economic Planning emphasized the critical need for accessible climate finance for Small Island Developing States (SIDS) like Mauritius. Jyoti Jeetun addressed key challenges in mobilizing funds, highlighting that COP29’s commitment to triple climate financing to USD 300 billion annually by 2035 must translate into tangible, accessible resources for both governments and private sector stakeholders. She also underlined the urgency of integrating Environmental, Social, and Governance (ESG) principles into Mauritius’ corporate frameworks, urging businesses to adopt sustainable practices despite perceived costs. “Sustainability may seem costly at first, but the urgency of now compels us to take bold actions,” she stated.  Highlighting Mauritius’ strategic position as a regional financial hub, she called for collaborative efforts to bridge the financing gap and promote sustainable development.

“It is essential that vulnerable middle-income countries like Mauritius can access these funds efficiently, with clear guidelines for mobilization,” the Minister of Financial Services and Economic Planning stated during the Climate Roundtable. Jyoti Jeetun was referring to COP29’s commitment to triple climate financing for developing countries to USD 300 billion annually by 2035.

However, she noted that accessing these funds remains a challenge, expressing concern about the slow and often complex process of securing climate finance. She also underscored the need for clarity in fund allocation, particularly for private sector operators. Quoting the United Nations Secretary-General, she reiterated: “Climate finance must be accessible not only to governments, but also to private sector stakeholders. Let us hope that the funds committed will actually be made available and accessible.”

The Minister further highlighted the disproportionate impact of climate change on SIDS, emphasizing the critical role of international financial commitments in supporting adaptation and mitigation strategies.  

Good governance was central to Jyoti Jeetun’s address. She highlighted ongoing efforts to integrate Environmental, Social, and Governance (ESG) principles into Mauritius’ corporate governance frameworks, which she considers “essential for aligning with international standards and enhancing Mauritius’ reputation as a jurisdiction of substance and repute,” she stated.  

It is essential that vulnerable middle-income countries like Mauritius can access climate funds efficiently, with clear guidelines for mobilization

She announced that the National Committee on Corporate Governance is reviewing its code to include ESG requirements, which will provide businesses with clear guidelines for sustainable operations. Acknowledging the challenges businesses face in adopting these frameworks, Minister Jeetun said that “sustainability may seem costly at first, but the urgency of now compels us to take bold actions.” 

Mauritius’ status as one of only two Sub-Saharan African nations with investment-grade ratings presents a significant opportunity, Minister Jeetun noted, emphasizing the country’s potential to serve as a regional gateway for sustainable investments into Africa.  “Mauritius can provide comfort to investors that their funds adhere to sustainability credentials, leaving no room for greenwashing,” she said.  The Minister also announced that her ministry is collaborating with the African Development Bank to develop sustainable investment guidelines. These guidelines aim to harmonize Mauritius’ financial systems with global frameworks, encouraging development finance institutions to raise capital for impactful projects through Mauritius.  

The Minister encouraged businesses to adopt practices that reduce their carbon footprint by sourcing from local service providers. She noted that such practices align with broader climate goals and enhance ESG credentials.  “Local sourcing minimizes environmental impact and demonstrates a commitment to sustainability,” she said, adding that companies should incorporate these practices into their strategies to support a greener economy.  

Referencing a book titled ‘The Urgency of Now’, Minister Jeetun stressed the need for immediate action to address climate challenges. She called for a collective shift in mind-set to integrate climate considerations into financial and corporate strategies.  “We are at the point of no return. Integrating climate considerations into financial strategies and corporate practices is not optional—it is essential,” she stated.  

Highlighting the vital role of climate finance for Small Island Developing States (SIDS) like Mauritius, she detailed the financial requirements for the country’s Nationally Determined Contributions (NDCs), which are estimated at USD 6.5 billion. Of this, 25% is expected to be mobilized domestically, while 75% will depend on international funding. Minister Jeetun emphasized the urgency of closing this gap, stating that “innovative mechanisms are needed to bridge the finance gap, and both the public and private sectors must play active roles.”

The ‘Beyond Business as Usual: The Climate Roundtable’, organized by the Mauritius Institute of Directors (MIoD), in collaboration with HSBC Mauritius and the British High Commission, provided a platform to address climate governance challenges. Minister Jeetun praised the initiative, stating that “this roundtable is not just about addressing challenges; it is about leveraging opportunities to build a sustainable and resilient Mauritius.”