By Ajay Angoteea, Head of Sustainable Financing & DFIs Coverage at Absa Bank (Mauritius) Limited.
Setting the stage
Mauritius has taken commendable steps in its climate journey. Its Nationally Determined Contributions (NDCs) reflects bold ambition: a 40% reduction in Greenhouse Gas (GHG) emissions and 60% renewable energy by 2030. These targets align Mauritius with global momentum and signal a deep commitment to the Paris Agreement. But ambition is not just about alignment. It is about relevance.
The local reality: Why adaptation must be central
As a small island developing state (SIDS), Mauritius contributes less than 0.01% to global GHG emissions. Yet, we are among the most vulnerable to its adverse repercussions. Sea-level rise, coastal erosion, water scarcity, and economic vulnerability are no longer distant threats; they are present realities.
If our climate strategy does not prioritise adaptation and resilience, we risk misdirecting limited resources and missing the opportunity to mobilise the public and private sectors towards what matters most: protecting our people, fauna and flora, infrastructure and economy.
The KPI gap: When headlines miss the full picture
While 70% of Mauritius’ NDC financing needs are earmarked for adaptation — a strong signal of intent — the dominant Key Performance Indicators (KPIs) and fiscal measures remain mitigation-biased. Clear, measurable targets such as '40% GHG reduction' and '60% renewables by 2030' are prominently featured. By contrast, adaptation goals are often framed in narrative terms without concrete indicators: What percentage of coastline will be protected? How many households will be climate-proofed? What share of SMEs will access climate adaptation finance? These questions remain unanswered. This ambiguity may underplay the importance and urgency for adaptation.
There is no doubt: both mitigation and adaptation are essential. Mauritius remains firmly committed to playing its role in the global effort to build resilience amidst the challenges of climate change. But climate ambition must also be grounded in national context, resource constraints, and long-term impact.
Globally, adaptation still attracts less than 10% of total climate finance. This reflects a structural bias toward carbon reduction and short-term technology-driven outcomes. Adaptation finance is often constrained by restrictive eligibility criteria, perceived lower returns, and the absence of standardised outcome indicators. These limitations can be addressed through NDC clarity by providing measurable, investable adaptation KPIs. We are not suggesting a rejection of mitigation. We are advocating balance and boldness in setting priorities.
Reframing the NDC: From risk to investment
In a world of limited resources, choices matter. Strategic clarity becomes essential. If we do not make our priorities explicit, we risk spreading ourselves too thin, doing a lot but achieving too little.
Reframing the NDC with adaptation at its centre can help align public policy, fiscal tools, private investment, and development finance in the right direction. This is not semantics. It is a strategic pivot.
It allows Mauritius to influence the design of a national taxonomy that promotes adaptation finance tailored to our unique SIDS context while aligned with global norms. It also helps overcome common barriers to adaptation finance, including unclear metrics, limited fiscal incentives, and fragmented project pipelines.
And it should be clear: adaptation is not just a risk response. It is a strategic investment in the future structure of our economy: an opportunity to reimagine how we grow, build, and protect. Several countries have already proven this. Barbados unlocked $125 million via a debt-for-climate swap for adaptation investments in water and food security. Rwanda integrated adaptation across its national development framework, linking climate resilience with economic transformation.
A call to lead: Mauritius as a regional catalyst
Mauritius is well-positioned to lead. We have the financial infrastructure, institutional credibility, and policy maturity to serve as a regional lighthouse. By reframing our NDC, we can lend voice to the challenges and solutions facing 40+ climate-vulnerable island nations.
The geopolitical case for adaptation leadership
For small island states like Mauritius, anchoring climate ambition in adaptation is not just a development imperative; it is a geopolitical necessity. In global climate negotiations, SIDS often struggle to secure fair representation, let alone equitable financing. By elevating adaptation as a national priority, Mauritius can strengthen its bargaining power within multilateral climate forums and regional blocs such as the African Union, the Indian Ocean Commission, and the Alliance of Small Island States (AOSIS). This leadership could help reshape global climate finance flows and mobilise tailored solutions that serve the real needs of vulnerable nations. In doing so, Mauritius would not only protect its economy; it would help shift the global climate narrative toward one of justice, resilience, and long-term investment.
A call to action: A shared national strategy
At Absa Bank Mauritius, we are committed to playing our role as a thought leader and neutral connector in this national transition. We are committed to playing our part alongside government, development partners, private sector actors and regulators, as building climate resilience is a collective journey. The co-creation of public-private solutions to mobilise capital and protect the most climate-exposed parts of our economy is key to ensuring long-term sustainability.
This is our moment
Climate ambition must be nationally determined, not internationally inherited. For Mauritius, resilience is our most urgent form of climate leadership. We must signal to the world and to ourselves that adaptation is not a secondary priority.
This is an opportunity to reimagine our path, to lead with intention and to move forward together with shared purpose.
