KUALA LUMPUR (Aug 28): It is imperative for developed nations to uphold their duty of supporting their developing counterparts in the global energy transition or risk humanity’s future, said Natural Resources, Energy and Climate Change Minister Nik Nazmi.
In his keynote address during the launch of the Energy Transition Conference 2023 on Monday (Aug 28), Nik Nazmi stressed the scale of action demanded for the transition requires the world to work as a unit, where developed nations will have to contribute their fair share.
“It has often been said that developed nations must support their developing counterparts in this. The point cannot be repeated enough,” he said.
“It is only fair that countries that have benefited from decades — if not centuries — of economic growth, and sometimes at the expense of others, should pay their share.
“Ultimately, this benefit is humanity's survival on this planet. Greed will literally kill us all. But cooperation and responsibility will give us a chance to continue to exist,” he warned.
Malaysia has set a target of increasing its renewable energy (RE) capacity mix to 70% by 2050, and net-zero greenhouse gas emissions earliest by 2050.
Nik Nazmi said achieving this RE capacity mix target will cost RM637 billion up to 2050, including investments for RE generation sources, upgrading grid infrastructure, and energy storage systems integration.
In the upcoming UN Framework Convention on Climate Change (COP28) to be held in Dubai in end-November as well as at other forums, Nik Nazmi said Malaysia will continue to pursue a just energy transition, including from the financing standpoint.
He noted that Yang di-Pertuan Agong Al-Sultan Abdullah Ri'ayatuddin Al-Mustafa Billah Shah will grace COP28, while Malaysia’s delegation will be led by Prime Minister Datuk Seri Anwar Ibrahim.
Nik Nazmi said that through continued partnerships, and the open exchange of knowledge and trade, Malaysia will unlock the energy transition’s immense potential in an inclusive and sustainable manner.
“There are many ways to win and many pathways to achieving net zero, but what will decidedly guide us forward is the single shared goal of creating better lives and a better future.
“In this, we will need leadership from the government and within the private sector, civil society, and the public,” he said.
Nik Nazmi noted that he will be joined by Anwar and Economy Minister Rafizi Ramli on the second day (Aug 29) of the Energy Transition Conference to launch Phase 2 of the National Energy Transition Roadmap (NETR).
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