COP29: M'sia Urges Developed Nations To Fulfil Responsibility For Accessible Climate Finance

BAKU (Azerbaijan), Nov 19 (Bernama) -- Malaysia has urged developed nations to meet their commitments and fulfil their responsibility by providing adequate, accessible and impactful climate finance.

Minister of Natural Resources and Environment Sustainability Nik Nazmi Nik Ahmad said those with greater capacities must also lead with ambition, setting examples to further elevate global efforts against climate change.

In delivering the national statement at the United Nations Framework Convention on Climate Change (UNFCCC) Conference of Parties (COP29), he said the world is now at a crossroads in the context of financing. 

"Although mandates and resources are available, there continues to be divergences in the common understanding of pooling and mobilising climate finance.

"It is galling to see how developed countries spend trillions of dollars to fuel wars and conflicts while the Global South is denied more funding for climate action," he said.

Nik Nazmi said Malaysia was the 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 the adaptation efforts when implemented.

"If funding from developed nations was forthcoming, Malaysia would be able to do so much more. Currently, we are formulating our third-generation Nationally Determined Contribution (NDC 3.0), which we commit to submit next year. 

"We expect our NDC 3.0 will be even more ambitious, and so appropriate means of implementation are crucial in ensuring this goal can be realised," he said.

Nik Nazmi said the Global Stocktake exercise concluded in COP28, but the Malaysian government has followed up on these efforts and launched the National Climate Change Policy 2.0 this year to integrate recent global developments and other national policies.

He said this document outlines the country's pathway to achieving its NDC target of a 45 per cent reduction in economy-wide greenhouse gas (GHG) emission intensity by 2030 relative to 2005 levels and our long-term commitment to reaching net zero by 2050.

Nik Nazmi said Malaysia is also committed to delivering its first Biennial Transparency Report by Dec 31 "to fulfil our obligations under the Enhanced Transparency Framework”.

"To ensure we can effectively deliver these initiatives, we are enacting a Climate Change Bill, which will enhance Malaysia's climate change governance and facilitate the fulfilment of other obligations under the Paris Agreement," he said.

He said Malaysia is also finalising its national arrangement to operationalise Article 6 of the Paris Agreement for the private sector, which can benefit all parties involved.

Furthermore, Nik Nazmi said Malaysia is committed to reducing emissions more effectively by implementing a carbon tax starting in 2026, as announced in Budget 2025 by Prime Minister Datuk Seri Anwar Ibrahim.

However, he said, Malaysia recognised that countries cannot fight climate change in isolation, therefore embracing multilateralism is paramount in this cause. 

"As we gather here (COP29), it is imperative to recognise that progress in our negotiations must advance more rapidly, as time is of the essence," he said.

Malaysia's participation at COP29, at the Baku Stadium from Nov 11-22, 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), as the implementing agency.

-- BERNAMA