Climate Finance and loss and damages on top of Malaysia’s demands at COP28

DUBAI - Malaysia remains committed to bringing its demands for climate financing and access to loss and damage funds as the two-week-long COP28 climate summit begins today.

The Natural Resources, Environment and Climate Change (NRECC) Ministry said the country’s position is clear in its aim to achieve next zero ambitions and is focused on capacity building, financing and credit transfer to reach that goal.

The ministry secretary-general Dr Ching Thoo Kim said for the country to reach its Paris Agreement pledge of reducing carbon intensity of the economy by 45 per cent by 2030 compared to 2005 levels, it is all about the money.

Speaking to Sinar Daily exclusively at the official opening of the Malaysia Pavilion at COP28 in Dubai, Ching said for Malaysia to achieve net zero by 2030, approximately RM1.4 trillion investment to realise that goal.

“We foresee that it is not forthcoming,” Ching said.

He said the pledge for the USD 100 billion of loss and damage fund but at the moment only USD20 billion of funds have been collated from member parties.

“That is not sufficient to address this issue for countries like Malaysia," he said.

Ching said the conversations surrounding renewable energy were in thing now but the costs to transition were sky-high.

“The cost is very high but we want to make sure that it benefits all because just transition is our goal," he added.

In addition to Malaysia’s demands at the negotiation table, he said it was also the first time that water and food security became a main agenda.

He said flooding incidence in Malaysia was proof of climate change and efforts to conserve forests would be able to mitigate the impacts of flooding.

“More places are opened up for housing and industrial areas but we need to balance between structural and nonstructural methods like nature-based solutions,” he said.

Malaysia registered the largest delegation this year, with over 600 participants including the Yang di-Pertuan Agong Al-Sultan Abdullah Ri'ayatuddin Al-Mustafa Billah Shah at the World Climate Summit scheduled for tomorrow.

The Malaysian delegates wikl be led by NRECC Minister Nik Nazmi Nik Ahmad as well as ministers from the Health; Local Government and Development; and Investment, Trande and Industry ministries.

Malaysia’s pledge to the United Nations Framework Convention on Climate Change outlines its need to achieve 31 per cent of renewable energy capacity for power generation in 2025 and 40 per cent in 2035 additionally, has agreed to support the Global Methane Pledge and the Glasgow Leaders Declaration on Forests and Land Use.

During the opening of COP28, UN Climate Change executive secretary Simon Stiell said this year was by far the biggest COP and those present at the summit are responsible for delivering climate action and progress to tackle climate change is far too slow from an unstable world that lacks resilience.

“To further ensure accountability, I am committing the UNFCCC to track all announcements made and initiatives launched so that long after the cameras have gone, we can ensure our promises continue to serve the planet," he said.