Govt Strengthens Climate Adaptation Agenda, Seeks More Private Sector Financing

PUTRAJAYA, Oct 7 (Bernama) -- The government is strengthening Malaysia’s climate change adaptation agenda by developing the Malaysia National Adaptation Plan (MyNAP), while encouraging greater private sector participation to mobilise financing and enhance the country’s climate resilience.

Natural Resources and Environmental Sustainability Minister Datuk Seri Arthur Joseph Kurup said MyNAP was being developed as a national strategy to identify risks, set priorities and guide adaptation measures across five key sectors.

The five key sectors are water and coastal resources, agriculture and food security, forestry and biodiversity, cities and infrastructure, and public health.

“Climate change is no longer merely an environmental issue, but also affects the economy, businesses, investment and the people’s well-being. Therefore, adaptation must be viewed as part of the country’s development and competitiveness agenda.

“We need to ensure that adaptation priorities are translated into action and investment that can reduce risks and protect the national economy," he said in a statement today.

Arthur said a whole-of-government and whole-of-society approach would strengthen coordination among the government, private sector, financial institutions and other stakeholders.

He said the climate change adaptation agenda reflected the Malaysia MADANI aspiration, which upholds the values of sustainability and well-being as foundations of national development, while strengthening the value of creativity through the adoption of technology, innovation and new financing approaches.

“Close cooperation among the government, private sector, financial institutions and society reflects the spirit of confidence and compassion in ensuring that measures to address climate change risks are implemented collectively and inclusively, benefit the people and safeguard the well-being of future generations,” he said.

He said the government had an important role in providing conducive policies and an enabling environment, but climate resilience could not be achieved by the government alone.

“The participation of the private sector and financial institutions is crucial to mobilising capital, technology, innovation and expertise to expand adaptation measures,” he said.

Arthur said as public financing was insufficient and limited, private capital mobilisation needed to be strengthened through approaches such as public-private partnerships, blended finance and appropriate guarantee mechanisms.

At the same time, the development of adaptation projects with clear priorities, economic benefits and financing structures needed to be enhanced to create more investment opportunities.

“The ministry will continue to strengthen cross-sector cooperation to ensure that adaptation is translated from policy and planning into financing, investment and concrete action that enhances the resilience of the people, economy and national development," he said.

-- BERNAMA