Delegates arriving for a meeting at COP28. The conference hosted by the United Arab Emirates began on Nov 30 with the historic announcement of a new loss and damage fund aimed at supporting vulnerable countries responding to climate disasters, and ended on Dec 13 with the world agreeing to the ‘UAE Consensus’. – AP photo
THE Conference of Parties (COP) of the UNFCC brings together an increasingly diverse group of global stakeholders from business, government, and civil society to assess climate progress and push for a whole-of-society approach to climate action.
One of its most significant breakthroughs came in 2015, when the world collectively agreed to limit global warming to well below 2°C above pre-industrial levels, and preferably below 1.5°C, in what is widely known as the Paris Agreement.
The urgency of the 28th COP (COP28), hosted this year by the United Arab Emirates (UAE), was framed by a recent UN report that the global trajectory is on track to hit 2.9°C.
It took place at a pivotal time, halfway between the Paris Agreement and its 2030 targets, as the window to effectively deliver progress against the 1.5°C target becomes increasingly narrow.
As such, this year’s COP was also positioned as the world’s first Global Stocktake (GST) – an assessment of progress made towards mitigating global warming since the seminal Paris Agreement and appraisal of the efforts required to get us on track.
COP28 recap
COP28 starkly framed the polarising challenge of achieving global consensus – showing the essential role that oil-producing nations such as the UAE will play in global action but highlighting the challenging public perception in its role as host.
The journey began on Nov 30, with the historic announcement of a new loss and damage fund aimed at supporting vulnerable countries responding to climate disasters, with US$725mil pledged by developed countries to date.
The conference ended on Dec 13 in similarly dramatic fashion, when, after much debate, the world agreed to the “UAE Consensus” which includes a pivotal and historical agreement incorporating key wording to “transition away” from fossil fuels.
A ground-breaking pledge from over 120 countries at COP28 to triple renewable energy generation and double energy efficiency – an initiative championed by the European Union (EU) and UAE – offers an important step to support this goal.
So too does a commitment by more than 50 oil and gas companies, which together constitute 40% of global production, to achieve zero-methane emissions by 2050.
The conference also marked an unprecedented focus on nuclear energy, with more than 20 countries – including the United States, United Kingdom, and France – agreeing to triple nuclear capacity by 2030 as part of the collective drive towards achieving net-zero emissions.
With the impacts of climate change currently being widely experienced, the focus has also extended beyond mitigation of just emissions to necessary adaptation and resilience (A&R) initiatives.
There were high-profile challenges in balancing the interests of divergent stakeholders at COP28, as participants looked to bridge the gap on a collectively agreed text.
While some argue the final wording is not ambitious enough, it nevertheless marks a fresh milestone in climate cooperation, with the commitment to “transition away” from fossil fuels reflecting major progress in global efforts to combat climate change and ensure a more sustainable future.
All eyes are now on how we move beyond ambition to genuine action.
Beyond climate talks
Malaysia is not immune to the worsening impacts of climate change – evident in rising sea levels, extreme rainfall and frequent flash floods, and severe heat that we have witnessed over recent years.
These threats risk further devastating socio, economic and physical impacts to the country:
> Up to 25% of Malaysia’s gross domestic product (GDP) is potentially at risk by 2048.
> Agricultural yields could decrease by 12% by 2050.
> Over 250,000 people could be displaced by floods.
> Up to 15% of Malaysia’s shorelines are at risk of coastal erosion as rising sea levels and extreme weather batter our shores.
Against this urgent backdrop, Malaysia’s involvement at COP28 focused on both the climate negotiations facilitated by the UNFCC and hosting the Malaysia Pavilion – a space for dialogue and discussion driven by the theme Going Beyond: Green Growth, Resilient Community and Sustainable Planet.
This timely and necessary theme underscores the nation’s dedication to prioritising climate action while balancing other national priorities such as economic growth, and the protection of the rakyat and our natural environment.
The programme at Malaysia Pavilion over the course of COP28 focused on different climate topics aligned with the overarching theme, providing a vibrant forum to highlight Malaysia’s efforts on climate action, and facilitating dialogue and collaboration on critical climate topics across 12 days.
Malaysia Pavilion hosted more than 70 panel discussions and sharing sessions, featuring insights from various thought leaders and organisations, and welcomed over 3,500 visitors from 56 countries.
Among other important topics, Malaysia demonstrated we are “going beyond” as a nation with leadership on climate action.
That included:
> Showcasing our thought leadership on the important intersection between Islamic finance and climate change.
> Pioneering the world’s first National Plenary Health Action Plan.
> Presenting a best-in-class energy transition plan with the recently released National Energy Transition Roadmap (NETR).
> Championing the protection of our natural and mega-biodiverse assets to the global audience.
COP28 also showcased collaborations Malaysia is driving on climate action, with 11 partnerships featured between Malaysian and Middle Eastern companies on topics such as energy transition.
This cooperation was exemplified by the memorandum of understanding between the Malaysian Investment Development Authority (MIDA) and Abu Dhabi Future Energy Company (MASDAR), culminating in a remarkable US$8bil investment to support the future of renewable energy in Malaysia.
It was equally encouraging to see participation at Malaysia Pavilion extend beyond the public sector, with significant and enthusiastic involvement from both private-sector and third-sector stakeholders, such as Multi-level Action Day which featured dialogue with youths, indigenous peoples, and academia.
This diverse engagement underscored the collaborative spirit and momentum, aligning with Malaysia’s whole-of-nation approach and illustrated by the national concept of Malaysia Madani.
COP28 reflects a pivotal moment in our shared climate journey, bringing together key global stakeholders to address the most pressing shared challenge.
It also offered an important spotlight for Malaysia to highlight its achievements and ambitions while engaging in dialogue with a global audience.
Now is the time for us all to act with urgency. Malaysia must remain committed to addressing the challenges that lie ahead, maintaining the valuable momentum gained at COP28 as the nation continues to go beyond to deliver positive climate progress.
Anis Mohd Nor is a principal of Boston Consulting Group.
