During the speech at the Financing Asia’s Transition Conference the minister of environment in Malaysia called on ASEAN nations to enhance regional climate collaboration because of evolving global climate policy commitments. Southeast Asian governments must join forces according to Nik Nazmi Nik Ahmad after America modified its stance toward climate policy.
Nik Nazmi noted in his Wednesday video presentation that ASEAN can lead using four interconnected advantages including natural resources, growing markets, young populations and a shared destiny.
Malaysia’s Green Commitments
The minister reaffirmed Malaysia’s environmental targets, including:
- Net-zero greenhouse gas emissions by 2050
- Peaking emissions by 2030
- Reducing emission intensity by 45% compared to 2005 levels
Malaysia’s National Energy Transition Roadmap presents a RM1.85 trillion market potential until 2050 through investments dedicated to energy efficiency and solar technology as well as electric vehicles and green hydrogen and nature-based solutions.
Nik Nazmi stressed that development banks and multilateral agencies and private investors should partner to establish financial systems which facilitate sustainable investments through green bonds and sustainability-linked loans. Through 2030 ASEAN requires climate-aligned infrastructure projects that need annual funding of US$210 billion according to the Asian Development Bank.
