Malaysia’s Environment Minister Calls for Strong Climate Finance Commitment at COP29
BAKU, Azerbaijan – Malaysia’s environment minister, Mr. Nik Nazmi Nik Ahmad, is advocating for a robust climate finance commitment at the UN climate change summit, COP29. He hopes that the summit will prioritize accessible funding to help South-east Asian nations combat the increasing impact of floods and heatwaves.
Focus on Adaptation in South-east Asia
Mr. Nik Nazmi emphasized the importance of focusing on adaptation, stating that both adaptation and mitigation are crucial in addressing climate change. He highlighted that South-east Asia is particularly vulnerable to climate change due to its maritime nature, making adaptation efforts essential in the region.
- Recent severe floods in Malaysia, such as those in Kelantan in 2014 and around the Klang Valley in 2021, have resulted in significant economic losses totaling over US$2.2 billion.
- These losses have largely been borne by the government, underscoring the urgent need for financial support to enhance adaptation measures.
Current Status of Climate Finance Discussions at COP29
The latest proposal on the main outcome of COP29, focusing on climate finance for developing countries, was released on Nov 21. The draft proposes two options for the goal, but key political issues such as the funding amount, contributors, and types of finance remain undecided.
- Developing countries are advocating for US$1.3 trillion per year in climate finance to support their adaptation and mitigation efforts.
- The first option in the draft emphasizes ensuring that funds are in the form of grants or grant-equivalents, aligning with developing countries’ expectations.
- The second option seeks to broaden the types of finance beyond grants, a position supported by richer countries.
Malaysia’s Stance on Climate Finance
Malaysia, along with many developing countries and climate activists, is urging for a grants-based approach to climate finance, with minimal reliance on private funding.
- Mr. Nik Nazmi emphasized the need for more grants over loans, highlighting the burden of unsustainable debt faced by many developing nations.
- He criticized the unfair financial architecture that penalizes poorer countries and called for a fair distribution of funds to address climate change.
Accessibility of Climate Finance
Mr. Nik Nazmi stressed the importance of ensuring that climate finance is easily accessible to developing nations without unnecessary bureaucratic hurdles. He expressed concerns about the complexity of procedures and strict eligibility criteria that may hinder countries from accessing the funds.
- Malaysia has utilized funding from the Green Climate Fund to develop its national adaptation plan, highlighting the need for streamlined and transparent modalities in accessing climate finance.
Conclusion
As COP29 approaches its conclusion, the debate on climate finance intensifies, with developing countries like Malaysia advocating for a fair and accessible funding mechanism to address the impacts of climate change. The outcome of these discussions will have significant implications for the global response to climate change and the support available to vulnerable nations.
FAQs
What is the focus of Malaysia’s environment minister at COP29?
Mr. Nik Nazmi is advocating for a strong climate finance commitment at COP29, with a focus on grants-based funding to support adaptation efforts in South-east Asian nations.
Why is accessibility of climate finance important?
Ensuring easy access to climate finance is crucial for developing countries to implement effective adaptation and mitigation measures without bureaucratic hurdles or stringent eligibility criteria.