'Not realistic' for Malaysia to achieve net-zero by itself, says Prime Minister Anwar Ibrahim - CNBC
Anwar says 'not realistic' for Malaysia to achieve net-zero by itself
Asia Economy
'Not realistic' for Malaysia to achieve net-zero by itself, says Prime Minister Anwar Ibrahim
- Malaysia Prime Minister Anwar Ibrahim said it's unrealistic to expect developing nations to reach net-zero without assistance from more developed partners.
- Anwar explained that a massive step up in investments to make that transition alone would come at the cost of other services like education, health and development.
KUALA LUMPUR, Malaysia — Malaysia has ambitious goals to cut its greenhouse gas emissions by 2050 — but the Southeast Asian nation cannot do it alone, said the country's Prime Minister Anwar Ibrahim.
"They expect developing countries like Malaysia to do it on our own which is not realistic," Anwar told CNBC's JP Ong at the Energy Asia conference in Kuala Lumpur, Malaysia.
In March, the International Renewable Energy Agency forecast that Malaysia will need to double its renewable energy transition investments to at least $375 billion in order to meet its 2050 net-zero emissions goals.
Anwar reaffirmed Malaysia's commitment to these goals, but said partners in developed nations "have to understand that the transition takes time and takes investments" and that they have to "play their part."
Anwar added, "A drastic step would be at the expense of our education, health and development. But in terms of commitment, it is there. The transition plan is there. The energy transition has started, has begun."
Related Knowledge Center: Climate economics
Climate change is now a driver of the world’s economy. The impact is profound:
- Catastrophic weather events — hurricanes, floods, droughts, high temperatures — are more frequent and more extreme. The cost can be measured in both the initial damage caused and the longer-term impact on the economy.
- Vulnerable communities are increasing climate-related investments, hardening infrastructure and taking other protective measures.
- Investment in carbon capture and storage technologies is increasingly rapidly.
- Governments are making investments and crafting regulations to reduce emissions of carbon dioxide and other greenhouse gases.
On top of all of this is the cost of uncertainty. As the Fourth National Climate Assessment, released in 2018 by the U.S. Global Change Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”