Talking on the Unlocking capital for sustainability 2024 convention in Kuala Lumpur Nik Nazmi stated the Malaysian authorities is dedicated to having the invoice tabled by subsequent 12 months, with an replace to be shared in September this 12 months.
Following that, the invoice will likely be made public to gather suggestions in a session that can final for a minimum of a month. The strategy will likely be much like how the federal government additionally performed public suggestions for the draft invoice of the Water Companies Business Act in 2004, which was designed to repair a problematic water business that was then closely politicised and tormented by failed fashions, shared Nik Nazmi.
”The general public can remark [on the bill] so we will enhance on it” he stated at a fireplace chat with Eco-Enterprise founder and managing director Jessica Cheam, whereas highlighting that the federal government is ready for repeated rounds of consultations with key stakeholders after which come again with a “stronger framework”.
The Malaysian authorities stated it was within the preliminary stage of drafting a nationwide local weather change invoice in November final 12 months at Parliament. Since then, visits to numerous states and talks with native governments and authorities to listen to their considerations and accumulate inputs on the invoice have been ongoing, particularly as there are contentions about carbon regulation and whether or not the nationwide authorities can safe the help of state actors stays an uncertainty. As a federation, Malaysia is comprised of 14 states, 13 of which have elected governments impartial of the federal authorities.
When requested by Cheam what needs to be anticipated of the upcoming invoice, Nik Nazmi emphasised how it will likely be good to “take the politics out of it”, drawing from his observations of how discussions on local weather change legal guidelines in different jurisdictions tended to be politicised. He identified that it will likely be essential to “put the goals far forward” and lock in Malaysia’s long-term local weather targets, to offer some certainty to companies and future governments.
The nationwide local weather change invoice would be the guiding framework on Malaysia’s pathway to scale back greenhouse fuel emissions. The federal government has stated the invoice will undertake a whole-of-nation strategy, making certain an inclusive engagement course of with stakeholders at each stage of society.
It’s also laws of different nations and attempting to give you a framework that works inside the Malaysian context.
“We’re additionally making certain that the voices of the personal sector and civil society are heard by way of the institution of engagement boards particularly advisory and consultative panels on local weather change.”
These panels contain numerous teams of stakeholders such because the personal sector, monetary establishments, academia, non-government organisations, and youth, he stated.
NRES, as a part of the federal authorities, is liable for making certain the nation meets its net-zero emissions goal by 2050 as a part of Malaysia’s Nationally Decided Contributions (NDCs) below the Paris Settlement. Nevertheless, state governments maintain legislative energy over their very own land and pure sources, which state officers contend ought to embrace oversight and administration of carbon sinks resembling forests.
Nik Nazmi stated it’s the final accountability of the federal authorities to report back to United Nations Framework Conference on Local weather Change (UNFCCC) on NDCs. Thus, he argued that the mechanisms and course resembling carbon pricing ought to come from the federal authorities.
On the discussion board, Nik Nazmi additionally responded to an viewers member’s concern that the local weather change invoice is not going to be handed in Parliament by 2025 and a suggestion that it may be more practical for Malaysia to only give attention to making certain {that a} carbon worth will likely be imposed by the identical 12 months. To those feedback, he expressed confidence that consensus will likely be reached on the upcoming invoice and highlighted that the brand new regulation will embrace mechanisms for carbon pricing.
Nik Nazmi additionally talked about the recently-formed Nationwide Decarbonisation Committee which he chairs, comprising numerous stakeholders together with state governments.
He stated Malaysia’s journey in the direction of web zero by 2050 is just not one thing that may be achieved by his ministry alone and the committee is essential for presidency representatives to come back collectively to debate the progress made on local weather nationwide targets.
“The thought [of this committee] is that we will sit collectively and see how a lot we’re on monitor and what the totally different governments are doing for us to attain [our 2030 and 2050 climate goals].”
COP29 and the Asean voice
As Malaysia will get able to take up the chairmanship of Asean in October this 12 months, there was anticipation of the way it will signify the area within the international area.
Aside from pushing for an Asean framework for carbon markets, Nik Nazmi stated Malaysia, as Asean chair, additionally desires to ensure the regional grouping’s voice is amplified on the COP29 local weather summit at Azerbaijan later within the 12 months. This 12 months, the summit will function an Asean pavilion, he shared.
A key nationwide precedence for Malaysia at COP has been to push for extra local weather financing from developed nations. Nik Nazmi stated that pledges generally haven’t been met, and therefore a serious problem that growing nations like Malaysia face is to “money the cheque”. This 12 months’s COP29 presidency has additionally set the brand new local weather finance goal as a high precedence in its motion plan.
As one of many 17 mega-diverse nations on the earth, Malaysia hopes growing, megadiverse nations like Congo, South Africa and Brazil, can come collectively to place a typical place on the COP this 12 months.
Nik Nazmi additionally famous that there should be larger international unity in addressing local weather change amid ongoing geopolitical tensions amongst main powers, notably between america and China.
“For those who speak about any local weather settlement, nothing will occur with out some dedication from China and the US,” he stated, including that what has been attention-grabbing is that whereas general geopolitical tensions are nonetheless fairly excessive between the 2 nations, there have been breakthroughs as regards to local weather discussions.”
“No matter geopolitics, local weather change is one thing that unites us. Say the US commits to a lofty local weather objective, however China doesn’t – this received’t work. As a result of on the finish of the day, we’re on the identical planet,” he stated.
Unlocking capital for sustainability is an annual flagship occasion on sustainable finance organised by Eco-Enterprise in partnership with UN Surroundings Programme (UNEP). The subsequent regional version will likely be held in Manila, Philippines, on 14 August 2024. Register right here.
