DUBAI: Malaysia calls for transparency in the governance and mobilisation of the Loss and Damage Fund which was established during the 28th Conference of Parties (COP28) of the United Nations Framework Convention on Climate Change (UNFCCC), here.
Natural Resources, Environment and Climate Change Minister Nik Nazmi Nik Ahmad said Malaysia lauds the establishment of the Loss and Damage Fund and the contributions pledged by developed nations to compensate climate-vulnerable countries.
He said the launch of the Loss and Damage Fund was a big achievement during the COP28 presidency led by the United Arab Emirates (UAE) as it saw contributions from several developed nations.
Notable commitments include US$100 million from the UAE, US$100 million from Germany, £40 million (approximately US$50.6 million) from Britain, with an additional £20 million for other arrangements, US$10 million from Japan, and US$17.5 million from the United States.
While emphasising the positive impact of UAE's initiative during COP28 in addressing climate change-related issues, Nik Nazmi said the move would exert pressure on other developed nations to follow suit and make commitments to the fund.
"However, it is imperative that the governance and utilisation of the fund be transparent, enabling developing countries to effectively address loss and damage issues.
"In addition, the source of funds must be predictable and adequate to meet the needs of developing nations impacted by climate change," he told Malaysian media after delivering a speech during the general debate of the G77 countries and China Leaders' Summit on Climate Change at COP28 here.
Meanwhile, during the summit, the minister expressed Malaysia's hopes that by the end of COP28, the final decision on the global stocktake would outline the immediate steps to bridge the gap in fully implementing the Paris Agreement.
He said the COP28 nations should also take full advantage of the Global Stocktake process to drive transformative climate actions and enhance ambition.
"To achieve this, our efforts need to be supported by the developed nations by providing the necessary means of implementation.
"The existing provisions on means of implementation, such as climate finance, technology development and transfer, and capacity-building, are insufficient for developing countries to adapt to climate change impacts and enhance resilience," he added.
Nik Nazmi also affirmed Malaysia's stance that the implementation of climate actions by parties should be guided by the principles of equity and common but differentiated responsibilities and respective capabilities (CBDR-RC) in light of different national circumstances. – Bernama