The twenty ninth UN Local weather Change Convention of the Events (COP29), held final week in Baku, was heralded as a pivotal second for international local weather finance. As a substitute, it left many deeply disenchanted. For growing nations like Malaysia, striving to stability bold local weather motion with equitable progress, the diluted outcomes on financing have been a stark reminder of the fragility of worldwide consensus. COP29 underscored the pressing have to reimagine how signatories to the Paris Settlement strategy these negotiations.
On the coronary heart of the frustration was the refusal of many developed nations to meaningfully tackle local weather finance. Whereas the operationalisation of the “Loss and Injury Fund” was a long-overdue step ahead, its pledged US$730 million falls far in need of the extent of ambition required. In the meantime, commitments to ship the long-promised US$100 billion annual local weather financing funds – first pledged in 2009 – stay unmet. The brand new goal of US$300 billion by 2035 is grossly inadequate to maintain the 1.5°C goal inside attain.
Local weather change isn’t an remoted concern, however a disaster intertwined with well being, meals safety, vitality, and social techniques. Linking local weather finance to outcomes resembling decreased well being prices and strengthened economies creates a extra compelling case for motion. But, as impassioned appeals echoed from the world’s most weak nations, responses from wealthier nations felt rehearsed and missing in real accountability. These most liable for the local weather disaster proceed to shirk their fair proportion of the burden.
Malaysia, whereas faring higher than many, stands in solidarity with nations unable to scale up adaptation and mitigation efforts because of monetary constraints. Recognising our relative privilege, now we have sought to steer by instance. Malaysia’s Nationwide Local weather Change Coverage 2.0, authorised in September 2024, integrates Paris Settlement rules and units a pathway for a low-carbon economic system. Plans like our Nationwide Adaptation Plan (NAP) and the soon-to-be-finalised Nationwide Decided Contribution (NDC) Roadmap reveal our dedication to local weather resilience.
Nevertheless, nationwide efforts alone are inadequate. Worldwide local weather funds such because the World Atmosphere Facility (GEF) and the Inexperienced Local weather Fund (GCF) want revitalisation to speed up funding distribution for mitigation and adaptation initiatives. Local weather change is a world problem requiring collective motion, and Malaysia is aware of the constraints confronted by many World South nations with out enough sources.
One promising consequence of COP29 was the operationalisation of Article 6 of the Paris Settlement, which establishes international carbon market mechanisms. Malaysia is aligning this framework with its personal Nationwide Carbon Market Coverage to mobilise financing for carbon initiatives. Equally, our Nationwide Planetary Well being Motion Plan (NPHAP) – the primary of its form globally – goals to combine local weather resilience with biodiversity conservation, meals safety, and public well being outcomes, framed by an equity-driven lens.
Baku additionally highlighted the vital want for higher unity amongst World South nations. For too lengthy, our voices in local weather negotiations have been fragmented. Rising temperatures, erratic climate patterns, and biodiversity loss know no borders, and nations within the World South should stand collectively to barter extra successfully. As Malaysia prepares to imagine the ASEAN chairmanship in 2025, we see a possibility to amplify regional voices and priorities on the worldwide stage.
One space of great progress at COP29 was the strengthening of regional cooperation. For instance, main carbon market associations throughout Malaysia, Indonesia, Singapore, and Thailand formalised a historic partnership on a unified carbon framework. This initiative goals to extend the provision of high-quality carbon credit and improve regional demand, fostering financial progress and local weather motion.
Local weather motion can’t be achieved by nationwide or regional efforts alone. Multilateralism stays our greatest hope for addressing the local weather disaster. Nevertheless, the shortcomings of COP29 – notably the dearth of inclusivity and transparency in decision-making – have uncovered the imperfections of this course of. To succeed, the multilateral framework have to be sturdy, clear, and centred on justice. We now have work to do to reinject a way of belief and rekindle real respect for all nations concerned within the negotiations.
COPs shouldn’t be arenas the place the highly effective dictate phrases to the powerless. As a substitute, they have to be platforms for real partnership, the place the collective energy of the World South can compel extra bold commitments from wealthier nations. Local weather justice calls for not solely the participation of all nations but additionally recognition that these with higher historic accountability should do extra.
As we strategy COP30, the shortcomings and failings of Baku should galvanise renewed willpower. For Malaysia, this implies persevering with to combine planetary well being into our local weather agenda, fostering regional solidarity, and urgent for fairer, extra bold outcomes in multilateral boards. The clock is ticking, and the world can not wait. For the sake of our planet and future generations, we should rise above inaction and seize this vital second to safe a simply and sustainable future.
Nik Nazmi bin Nik Ahmad is Malaysia’s Minister of Pure Assets and Environmental Sustainability.
Jemilah Mahmood is the manager director of the Sunway Centre for Planetary Well being at Sunway College, Malaysia.
