Malaysia Urges Developed Nations to Meet Climate Finance Commitments
Malaysia has called on developed nations to fulfill their commitments and responsibilities by providing adequate, accessible, and impactful climate finance. Minister of Natural Resources and Environment Sustainability Nik Nazmi Nik Ahmad made the statement at the United Nations Framework Convention on Climate Change (UNFCCC) Conference of Parties (COP29).
Crossroads in Climate Finance
The world is at a crossroads in the context of financing, with mandates and resources available but divergences in the common understanding of pooling and mobilizing climate finance. Nik Nazmi expressed disappointment that developed countries spend trillions of dollars on wars and conflicts while the Global South is denied more funding for climate action.
Malaysia’s Commitment
Malaysia is a proud recipient of funding from the Global Climate Fund to assist in the preparation of the country’s National Adaptation Plan, which will significantly improve the coordination of adaptation efforts when implemented. However, Nik Nazmi emphasized that if funding from developed nations was forthcoming, Malaysia would be able to do more. The country is currently formulating its third-generation Nationally Determined Contribution (NDC 3.0), which it commits to submit next year.
Ambitious Targets
Malaysia expects its NDC 3.0 to be even more ambitious, and appropriate means of implementation are crucial in ensuring this goal can be realized. The country has also launched the National Climate Change Policy 2.0 this year to integrate recent global developments and other national policies.
Pathway to Net Zero
The policy outlines the country’s pathway to achieving its NDC target of a 45% reduction in economy-wide greenhouse gas (GHG) emission intensity by 2030 relative to 2005 levels and its long-term commitment to reaching net zero by 2050.
Transparency and Governance
Malaysia is committed to delivering its first Biennial Transparency Report by December 31 to fulfill its obligations under the Enhanced Transparency Framework. The country is also enacting a Climate Change Bill to enhance its climate change governance and facilitate the fulfillment of other obligations under the Paris Agreement.
Multilateralism
Nik Nazmi emphasized that countries cannot fight climate change in isolation, and embracing multilateralism is paramount in this cause. He urged for progress in negotiations to advance more rapidly, as time is of the essence.
Malaysia’s Participation at COP29
Malaysia’s participation at COP29 aims to reinforce its commitment to the green economy as outlined in Budget 2025, to further drive the adoption of cleaner technologies, and to attract sustainable investments to strengthen the country’s leadership in green growth. The Malaysia Pavilion at COP29, themed "Shift for Sustainability: Climate Action Now!", is spearheaded by the Ministry of Natural Resources and Environmental Sustainability (NRES) in collaboration with the Malaysian Green Technology and Climate Change Corporation (MGTC).
Conclusion
Malaysia’s commitment to addressing climate change is evident in its efforts to reduce emissions, increase transparency, and enhance governance. The country’s participation at COP29 is a testament to its dedication to the global effort to combat climate change.
Frequently Asked Questions
Q: What is Malaysia’s commitment to reducing greenhouse gas emissions?
A: Malaysia aims to reduce its economy-wide greenhouse gas emission intensity by 45% by 2030 relative to 2005 levels and reach net zero by 2050.
Q: What is Malaysia’s stance on climate finance?
A: Malaysia urges developed nations to fulfill their commitments and responsibilities by providing adequate, accessible, and impactful climate finance.
Q: What is Malaysia’s participation at COP29?
A: Malaysia’s participation at COP29 aims to reinforce its commitment to the green economy, drive the adoption of cleaner technologies, and attract sustainable investments to strengthen its leadership in green growth.