BAKU: Malaysia is expressing hopes for a decisive agreement on climate change funding under the New Collective Quantified Goal (NCQG), a key element of the Paris Agreement, 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 stressed the importance of this decision as the 2025 deadline approaches, highlighting its significance for the world, particularly developing nations, and its potential to drive progress in climate negotiations.
According to BERNAMA News Agency, Minister Nik Nazmi pointed out that while COP29 has witnessed positive developments, especially regarding Article 6 of the Paris Agreement, financial commitments remain contentious, particularly concerning the obligations of developed countries to developing ones. He expressed a desire for a decisive agreement that would offer hope and progress in climate negotiations.
The 2015 Paris Agreement, si
gned by 169 countries during COP15, includes Article 9, which mandates that developed countries provide financial resources to support developing countries, with a target allocation of USD100 billion before 2025 to address climate-related challenges. Nik Nazmi emphasized the ongoing climate crisis, marked by record-breaking temperatures, and the urgent need for collective global action.
Malaysia, despite being a small developing nation, is committed to achieving net-zero emissions by 2050, a significant step in addressing the global climate issue. The country’s unique position, with ancient rainforests serving as carbon sinks and its location in the biodiversity-rich Coral Triangle, underscores the importance of these resources for climate adaptation and mitigation.
The minister highlighted the effectiveness of multilateral platforms like the United Nations and COP in tackling the climate crisis globally, urging developed countries to show greater commitment in assisting developing nations. He criticized th
e imbalance in priorities, where substantial funds are allocated to conflicts rather than addressing climate action needs.
He also noted Malaysia’s role as a recipient of international funding from entities like the Green Climate Fund and Global Environment Facility, enabling the advancement of green initiatives without relying solely on government funds. Nonetheless, he stressed the continued need for international support in financing, technology, and capacity building to achieve the net-zero target by 2050.
Malaysia’s participation in COP29 from November 11 to 22 at the Baku Stadium aims to reinforce its commitment to a green economy, as outlined in Budget 2025. Minister Nik Nazmi led a delegation of 200 Malaysians to the event, with the Malaysian Pavilion themed “Shift for Sustainability: Climate Action Now!”, a collaboration between the NRES and Malaysia Green Technology and Climate Change Corporation.