KUALA LUMPUR, Dec 14 — The UAE Consensus achieved at the Conference of the Parties of the United Nations Framework Convention on Climate Change (UNFCCC-COP28) in Dubai yesterday is a historic moment marking global commitment to tackle climate change, Natural Resources and Sustainability Minister Nik Nazmi Nik Ahmad said.

It was the first time in multilateral climate diplomacy that member countries agreed to global efforts to limit greenhouse gas emissions to no more than 1.5°C, and to implement energy system transitions towards reducing dependence on fossil fuels.

"The intent is contained under the First Global Stocktake agenda that assesses the progress and gaps in the implementation of the Paris Accord.

"Under this consensus, the transition efforts will be implemented fairly based on the principle of Common but Differentiated Responsibilities and Respective Capabilities (CBDR–RC) as stipulated under the UNFCCC and the Paris Accord,” he said in a statement today.

Nik Nazmi added it was the first time a consensus has been reached on the first day of the conference, which also witnessed the setting up of a Loss and Damage Fund to tackle, reduce and minimise the impact of climate change.

"Several countries have given their financial commitments to this fund, but the access and distribution need to be done efficiently and in an orderly manner,” he said, adding that the focus in the fund’s operation is on the governance, which needs to be transparent, and more financial commitment from developed countries is required.

Nik Nazmi said that Malaysia has implemented many things related to climate change, and is capable of doing more and is ready to aim for loftier goals with support from developed countries.

He noted that it would be a challenge to do so, but his ministry was determined to lead such transformative efforts, having said that all countries need to do their part to fight climate change in accordance with the CBDR-RC principle during the high-level COP28 segment on December 9. — Bernama