COP29: Ends In Deadlock On Climate Finance; Malaysia's Commitment To Green Transition Unwavering

From Samantha Tan Chiew Tieng

BAKU (Azerbaijan), Nov 23 (Bernama) -- Although the 29th Conference of the Parties (COP29) under the United Nations Framework Convention on Climate Change ended in a deadlock yesterday, it has not in any way diminished Malaysia’s commitment to continue in promoting the green agenda, and will even strengthen ASEAN's role in collectively addressing climate change.

This reflects the gap in opinion regarding financing, where developing countries demand greater climate financing in the form of grants to address the uneven impacts of climate change.

On the other hand, developed countries have expressed concerns that the proposal will burden them and prefer solutions such as loans and other financing mechanisms.

The draft of the COP29 climate summit proposes developed countries pay US$250 billion a year by 2035, up from the previous target of US$100 billion a year set in 2009, which was never fully achieved.

The draft also calls on all parties to cooperate to increase financing for climate action in developing countries from all public and private sources to at least US$1.3 trillion per year by 2035.

However, the draft has received criticism from all parties who are concerned it would delay the process of reaching a global agreement to address the increasingly urgent issue of climate change.

Natural Resources and Environment Minister Nik Nazmi Nik Ahmad said although the discussions at COP29 did not reach a full agreement, especially on the issue of climate financing, Malaysia will remain committed to the efforts in combating climate change.

"(This is) because we know our responsibility in this matter (climate change). We are a developing nation but have high ambitions with regard to climate change aspirations in terms of climate change, which is why Malaysia, under the leadership of Prime Minister Datuk Seri Anwar Ibrahim, has set a net zero target by 2050,” he said to Bernama here today.

"This is an improvement compared to before and it was not easy to achieve because it required policy adjustments. We need to act immediately and have high aspirations to ensure the country can become resilient to climate change."

Nik Nazmi said that initially there were positive developments in the discussions regarding carbon credits under Article 6, but at the final stage of the negotiations, no conclusion had yet been reached regarding financing.

"Developing countries including Malaysia still maintain the message that developed countries need to fulfil their promises in climate financing. But we see that this issue has been ongoing since 2009, for example, the US$100 billion per year that has not been fulfilled.

"Now developed countries are trying to push back on this while developing countries are asking for larger amounts. They try to push this financing in various other forms like bank loans. For us, it does not solve the climate change issue, which is largely the result of developed countries during their economic development all this time," he said.

When asked about Malaysia’s preparations for COP30 to be held in Belém, Brazil next year, Nik Nazmi said it is an important year considering Malaysia will become the ASEAN chair.

"We will introduce the National Climate Change Bill, which will serve as a binding policy in terms of climate change. Malaysia will go to Brazil next year for COP30 as the ASEAN chair and bring a stronger regional voice," he also said.

He added that ASEAN is viewed as a block with a huge potential but has yet to fully leverage cooperation on climate change issues, therefore the ASEAN climate agenda as a single entity will be strengthened given that the region is highly vulnerable to the impacts of climate change.

COP29, a gathering of diplomats and heads of state and government from nearly 200 countries, was held in the city by the Caspian Sea from Nov 11 to 22, under the theme " In Solidarity for a Green World).

-- BERNAMA