KUALA LUMPUR – The 29th United Nations Climate Change Conference (COP29) concluded yesterday in deadlock over climate financing, but Malaysia’s determination to advance its green transition and strengthen ASEAN’s role in addressing climate change remains steadfast, said Natural Resources and Environment Minister Nik Nazmi Nik Ahmad.
Nik Nazmi acknowledged the lack of consensus, particularly on financing mechanisms, yet reaffirmed Malaysia’s commitment to 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 told Bernama.
“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.”
The conference, held by the Caspian Sea from November 11 to 22, was overshadowed by disagreements between developing and developed countries over the funding required to address the uneven impacts of climate change.
Developing nations pushed for increased climate financing through grants, calling on developed countries to raise their contributions to US$250 billion annually by 2035—up from the unfulfilled US$100 billion pledge set in 2009. Conversely, developed nations advocated for alternative mechanisms, including loans, arguing that higher grant commitments could impose unsustainable financial burdens.
Nik Nazmi highlighted the long-standing frustration of developing countries.
“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,” he said.
“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.”
On Malaysia’s preparations for COP30, set to take place in Belém, Brazil, Nik Nazmi said next year would be significant as Malaysia assumes the ASEAN chairmanship.
“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 said.
He noted that ASEAN, while holding significant potential, has yet to fully utilise its collective strength to tackle climate issues. “The ASEAN climate agenda as a single entity will be strengthened given that the region is highly vulnerable to the impacts of climate change,” he added.
Despite early progress in discussions on carbon credits under Article 6, Nik Nazmi said the failure to reach an agreement on financing remained a critical setback.
The conference, held under the theme In Solidarity for a Green World, brought together nearly 200 countries in an effort to find common ground on tackling the escalating climate crisis. – November 23, 2024