Malaysia’s Finance Minister, Tengku Zafrul Tengku Abdul Aziz, discusses the country’s transition to a low-carbon economy, emphasizing that no single government can do all of the heavy lifting and everyone must contribute to ensure a quick transition.
The government is stepping up its efforts to transition towards a low-carbon, climate-resilient economy; this will necessitate a comprehensive transformation of all economic sectors and financial systems in a way that is sustainable, inclusive, just, and equitable.
The establishment of the Joint Committee on Climate Change (JC3), a platform which among the government efforts to increase the transparency of climate-related financial risks.
Malaysia’s Stock Exchange, Bursa Malaysia, recently announced its plans to become carbon neutral by 2022 and achieve net-zero emissions across its entire operations by 2050.
“We have encouraged Malaysia’s banking sector to join the United Nations Principles for Responsible Banking and the Net-Zero Banking Alliance by prioritising lending and investment in initiatives that are focused on long-term sustainability,” he says.
Overall, all of these efforts will help Malaysia develop a more comprehensive sustainable finance industry while also supporting the government’s efforts to meet the Sustainable Development Goals.
“Before I conclude, allow me to share this wise saying, ‘We do not inherit this earth from our ancestors, we borrow it from our children,” he says.
