MALAYSIA HOPES FOR DECISIVE AGREEMENT ON CLIMATE CHANGE FUNDING - NIK NAZMI

By Samantha Tan Chiew Tieng

BAKU (Azerbaijan), Nov 21 (Bernama) -- Malaysia hopes a decisive agreement on climate change funding under the New Collective Quantified Goal (NCQG), a critical component of the Paris Agreement, will be reached during the 29th Conference of the Parties (COP29) under the United Nations Framework Convention on Climate Change.

Natural Resources and Environmental Sustainability (NRES) Minister Nik Nazmi Nik Ahmad emphasised that this decision is vital as the 2025 deadline approaches, offering hope to the world, particularly developing nations, and driving progress in climate negotiations.

"While COP29 has seen positive developments, especially concerning Article 6 of the Paris Agreement, financial commitments remain a point of contention, particularly with the obligations of developed countries to developing ones," he said.

"We wish for a decisive agreement that will offer hope to the world, which is watching us and seeking progress in climate negotiations," he told Bernama here today.

Under the 2015 Paris Agreement, Article 9 reiterates that "developed countries must provide financial resources to support developing countries" and ensure an allocation of USD100 billion before 2025 to address climate-related challenges.

The Paris Agreement was signed by 169 countries during COP15 in 2015, with a commitment to limit global warming to below 2 degrees Celsius, aiming for 1.5 degrees Celsius, compared to pre-industrial levels.

Nik Nazmi said that the climate crisis continues to be a growing global challenge, marking the hottest years on record, stressing the urgent need for collective action to address climate change.

“Despite being a small, developing nation, Malaysia’s commitment to achieving net-zero emissions by 2050 is a bold step in fulfilling the country’s responsibility towards this global issue,” he said.

He highlighted Malaysia's unique position in addressing climate change, noting its natural treasures, such as ancient rainforests, which serve as key carbon sinks, and its location in the Coral Triangle, rich in biodiversity, making these resources crucial for both climate adaptation and mitigation.

Nik Nazmi added that multilateral platforms like the United Nations and COP are the most effective means to tackle the climate crisis globally, with a significant impact on the world.

He emphasised, therefore, that developed countries must be more committed to helping developing nations tackle the urgent climate crisis.

He also criticised countries that allocate substantial funding to conflicts, such as those in Gaza and Lebanon, but fail to respond positively when developing nations seek financing for climate action.

This, he noted, reflects a clear imbalance in priorities, which must be corrected to ensure climate justice.

Nik Nazmi further pointed out that Malaysia, as a recipient of international funding from sources like the Green Climate Fund, Global Environment Facility, and Adaptation Fund, has been able to advance green initiatives without solely relying on government funds.

He stressed that developing countries like Malaysia still need international support in financing, technology, and capacity building to meet the net-zero target by 2050.

He stated that Malaysia should not be equated with developed countries that have benefitted from the wealth generated by the industrial revolution, largely driven by fossil fuels, and have contributed to high carbon emissions.

Malaysia's participation in COP29 from Nov 11 to 22 at the Baku Stadium aims to strengthen its commitment to a green economy, as outlined in the Budget 2025.

Nik Nazmi led a delegation of 200 Malaysians to the event.

The Malaysian Pavilion at COP29, themed "Shift for Sustainability: Climate Action Now!", is a collaboration between the NRES and Malaysia Green Technology and Climate Change Corporation as the implementing agency.

-- BERNAMA