Green Transition: Developed nations should support developing countries on financing, incentives, technology and infrastructure

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BRUSSELS, BELGIUM: The World Economic Forum has placed Malaysia as the highest-ranking Southeast Asian country in its 2023 Energy Transition Index Report.

The Ministry of Foreign Affairs in a statement said, this is reflective of Malaysia’s commitment to addressing critical issues related to energy transition and climate action.

The statement added, the climate change poses an existential threat to all of us, and awareness of this around the globe has never been higher.

“Across the world, more and more governments are awakening to the fact that the Green Transition plays a pivotal role, in the pursuit of sustainable development and environmental stewardship.

“This is a goal we all share and Malaysia is included. Last August, Malaysia launched its National Energy Transition Roadmap, and committed to achieving net-zero greenhouse gas emissions by 2050.

“Malaysia is actively implementing policies and initiatives to increase renewable energy capacity, to 70% by 2050,” the Ministry said in its statement quoting Foreign Minister, Datuk Seri Mohamad Hasan’s speech at the 3rd EU-Indo Pacific Ministerial Forum Roundtable Session here Friday.

“Tthe Global South aspires to decarbonise but we are greatly jeopardised by rising sea levels and rising temperatures. We do not lack climate ambition. However, we lack adequate support and hope for greater support and inclusion as we move forward along the green transition journey,” Mohamad said.

Mohamad stressed that Malaysia will continue to pivot on practical solutions that drive progress, balancing climate ambition, sustainability and economic growth as we address the energy trilemma.

“We believe that the way forward, demands a progressive cooperation and collaboration model. I believe that the way forward, demands a progressive cooperation, and collaboration model. The increasing number of technical barriers to trade or unilateral measures by developed countries on the basis of environment and sustainability is counter-productive.

“Trade is an important lever for accelerating Sustainable Development Goals (SDGs) for developing countries. Erecting barriers to trade can erode multilateralism and cooperation, as well as hamper the growth of developing nations,” he reiterated
According to Mohamad, the COP2 yielded some commendable outcomes. Nevertheless, energy transition is expensive, and cannot be done overnight.

“We call on developed countries, including the EU members to do more. The loss and damage fund should be operationalised urgently. Energy transition should be just, inclusive and equitable, taking into account the developmental needs of different countries.

“The Common but Differentiated Responsibilities, and Respective Capabilities is a fundamental principle of the Paris Agreement that must be upheld. Addressing challenges and opportunities in clean energy, while ensuring a just transition, requires broad support from developed countries for developing countries, particularly on financing, incentives, technology, and infrastructure,” he added.

The Foreign Minister urged that ASEAN and the EU should undertake a collaborative effort, both bilaterally, and within the framework of ASEAN-EU cooperation.

“By moving forward, I hope we may take greater strides, towards not only a cleaner, more sustainable world, but a more inclusive one. Humanity cannot progress, if half the world has been left behind,” Mohamad said. –Malaysia World News.




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