DUBAI, Dec 6 — Addressing biodiversity loss and climate change requires both to be mainstreamed across all sectors, Natural Resources, Environment and Climate Change (NRECC) Minister Nik Nazmi Nik Ahmad said.

He said mitigation and adaptation measures need to be seriously considered and implemented to alleviate the disastrous impacts on the nation’s biodiversity.

The minister said there is also a need to address the financial aspect of biodiversity conservation.

"The Kunming-Montreal Global Biodiversity Framework (KMGBF) calls for at least US$200 billion per year, with a significant portion coming from wealthy to low-income countries.

"Malaysia intends to advocate for equitable contributions, recognising the shared responsibility of nations in conserving biodiversity,” he said in a keynote address on Water and Biodiversity Day at Malaysia Pavilion at the 28th Conference of the Parties (COP28) here.

Nik Nazmi noted that biodiversity provides the economic and social needs of the population — the lifeblood of the planet and has a crucial role in maintaining the ecological balance, climate regulation and economic well-being.

"Malaysia’s coasts and seas are likewise endowed with a wealth of marine biodiversity, ecosystems, habitats and other natural resources.

"Our Economic Exclusive Zone overlaps the Coral Triangle area, which is thought to have the greatest diversity of marine life in the world within its coral seas, mangrove forests, mud flats, seagrass areas and sandy beaches,” he added.

Hence, to conserve forest and marine life, the government has increased the allocation for the Ecological Fiscal Transfer for Biodiversity Conservation (EFT) from RM70 million in 2022 to RM150 million in 2023, and RM200 million in 2024, he said.

This, he said, is to incentivise states in Malaysia to protect and increase coverage of protected areas. — Bernama