The Micronesian Federation is poor on natural resources. Fish is by far the most important resource. In addition, there is phosphate to be extracted on some of the islands, as well as timber from the forest.
Energy needs are largely covered by imported oil products. In order to reduce dependence on fossil fuels, New Zealand promised $ 5 million in 2016 to contribute to the development of renewable energy.
COUNTRYAAH: Major exports by Micronesia with a full list of the top products exported by the country. Includes trade value in U.S. dollars and the percentage for each product category.
Environmental problems are serious and have increased as general pollution, depletion and higher sea temperature have contributed to the destruction of coral reefs. This in turn has led to erosion of the islands’ coastlines – the land surface is simply shrinking.
In the long term, global warming threatens to submerge low-lying Micronesian islands as the sea level gradually rises. The country, together with other low-lying states in the region, has been active in international contexts to establish a legally binding agreement on powerful measures against greenhouse gas emissions, which is believed to be the cause of global warming. The Micronesia Federation also wants the world’s industrialized countries to fund a fund to support those nations that will be worst affected by the greenhouse effect.
In 2013, the Micronesia Federation passed a new law (Climate Change Act) which states that all political decisions in the country must be made taking into account the fight against climate change.
Abbreviationfinder: A popular acronym site in the world covering abbreviation for each country. For example, FM stands for Micronesia. Visit itypeusa for more information about Micronesia.
