KUALA LUMPUR, Aug 8 — Malaysia is expected to complete revising its nationally determined contribution (NDC) target by next February, said Natural Resources and Environmental Sustainability Ministry secretary-general Datuk Ching Thoo Kim.
He said the revision would consider the latest climate change-related policies and aims to set another inclusive and ambitious national target aligned with the long-term temperature goals of the Paris Agreement.
“Malaysia is committed to combating climate change and pursuing sustainable development despite contributing less than 1 per cent of the global carbon dioxide emissions,” Ching Too said in his keynote speech at the second Malaysia Carbon Market Forum (MCMF) here today.
He said the Climate Change Bill had been drafted and is expected to be concluded in June 2025.
“The bill will be uploaded to the website (of the ministry) for public comments,” he said.
Ching Too pointed out that in Malaysia, carbon pricing has been identified as a key economic measure to support a green economy and sustainable development, as outlined in the 12th Malaysia Plan.
He said implementing economic instruments like carbon pricing would not only help reduce greenhouse gas emissions but also foster a greener business sector and stimulate sustainable investments.
“To explore the feasibility of the carbon tax and emission trading system’s implementation in Malaysia, the Finance Ministry is conducting a study under the World Bank’s Partnership for Market Implementation initiative,” he added.
Ching Too said the ministry was informed that in Budget 2025, there will be an announcement on the carbon tax.
“We acknowledge these instruments have their opportunities and challenges.
“However, the instruments should be designed with a key objective, which is to support decarbonisation efforts at the domestic level,” he added.
Bursa Malaysia Bhd’s wholly owned subsidiary, Bursa Carbon Exchange, organised the second instalment of its one-day MCMF.
Themed “Empowering Climate Actions through Carbon Market”, MCMF centres on exploring best practices to advance Malaysia’s carbon market ecosystem in support of the national climate agenda.
— Bernama
