KUALA LUMPUR, Dec 9 — Malaysia calls for the operationalisation of the loss and damage fund for climate change to start on the right foot and to be transparent as possible.

Natural Resources, Environment and Climate Change Minister Nik Nazmi Nik Ahmad said in this regard, other international financial institutions, such as the European Investment Bank, the Asian Development Bank, the Asian Infrastructure and Investment Bank and African Development Bank Group ought to be involved.

"No single institution should have a monopoly. We hope that adjustments can be made in the spirit of common sense and fair play.

"Still, we hope that it can support all countries in need, in addition to the least developed and small island states,” he said during a High-Level Segment for Heads of State and Government at the 28th Conference of Parties (COP28) in Dubai today.

According to Nik Nazmi, the global stocktake’s conclusions underscore the urgent need for increased funding for climate action, while adding that Malaysia has also done many things regarding climate change.

"We would do much more, and be willing to be more ambitious, if we only had the support, whether financial or technical. The goalposts should not keep changing.

"It should not be the case that some wealthy countries, including those who have benefitted from exploiting the environments of other nations in the past, are now allowed to be ‘pragmatic’ when it comes to climate change, while developing ones are held to stricter and inflexible standards or subject to unilateral trade measures,” he said.

Meanwhile, Nik Nazmi said all countries must contribute to fighting climate change based on the principle of common but differentiated responsibilities (CBDR).

He said Malaysia has pledged to reduce its greenhouse gas (GHG) emissions intensity by 45 per cent in 2030 compared to 2005 levels.

"Furthermore, we aspire to achieve net-zero GHG emissions via our Long-Term Low Emission Development Strategy (LT-LEDS), which will be finalised by early 2024,” he said.

As one of the world’s 17 megadiverse countries, Nik Nazmi said Malaysia has upheld the commitment made during the Earth Summit in Rio de Janeiro, Brazil in 1992, to maintain at least 50 per cent of the country’s land area under forests and tree cover.

"In terms of legislation, Malaysia is in the process of passing the Energy Efficiency and Conservation Act and is now formulating a Climate Change Bill and National Adaptation Plan. We have likewise launched a voluntary carbon market.

"Malaysia has been recognised as the highest-ranking Southeast Asian country in the Energy Transition Index 2023 Report by the World Economic Forum. We have also, for the first time, hosted the Asia Pacific Climate Week (APCW), which saw the participation of more than 2,000 delegates from 100 countries,” he said. — Bernama