By Jomo Kwame Sundaram, Research Advisor, Khazanah Research Institute
at the National Climate Governance Summit
in a fireside chat, moderated by Khoo Hsu Chuang, Managing Director, KHC Ventures Sdn Bhd
The panel discussion began with Khoo Hsu Chuang inviting Dr. Jomo to share his insights on the global response to the climate crisis.
Dr. Jomo expressed deep concern over the lack of commitment from developed nations, highlighting setbacks such as the rejection of the Kyoto Protocol, the negative effects of the United States’ Inflation Reduction Act on other countries, and the insufficient progress on the commitments made during various UNFCCC COPs.
He noted the heightened vulnerability of tropical countries like Malaysia, which are more exposed to climate risks due to their geographic and economic conditions. These nations face significant challenges in implementing adaptation measures, leaving them increasingly susceptible to the detrimental impacts of climate change.
He called on wealthy nations to rethink their priorities and assume greater responsibility for financing both mitigation and adaptation efforts in developing countries. He emphasized that effective climate action hinges on robust international cooperation, including the sharing of advanced technologies and resources to support sustainable solutions.
In response to Hsu Chuang’s observation about the declining flow of finances into environmental projects and the low political will to enact change due to political attractions of delaying climate action, Dr. Jomo highlighted China’s leadership in advancing renewable technologies, such as solar power, batteries, and electric vehicles (EVs), contrasting it with Malaysia’s modest efforts to tackle the bull by its horns.
Despite Malaysia being the world’s second-largest exporter of photovoltaic solar panels, its domestic energy grid remains heavily reliant on non-renewable energy sources, notably coal. Dr. Jomo pointed out that the transition by Independent Power Producers (IPPs) from diesel to coal suggests regression rather than progress with the turn to private commercial priorities.
He urged Malaysia to capitalize on its potential to enhance the wellbeing of its citizens, stressing practical solutions like affordable EVs including motorcycles rather than luxury EVs, only accessible to the wealthy. Additionally, he emphasized the need for comprehensive policy frameworks to guide investments, stimulate innovation, and drive meaningful change, pointing out that many ostensible climate solutions actually delay rather than accelerate climate progress.
Dr. Jomo called on developed nations to fulfill their responsibilities to more adequately finance climate solutions, including adaptation, while urging Malaysia to adopt a more strategic approach to harness its renewable energy potential.
By focusing on accessible technologies and implementing more strategic policies, Malaysia can build a more resilient energy system and contribute more effectively to both climate mitigation and adaptation.
“I am very alarmed by the situation in the world today. We have a situation where there is very little seriousness in terms of efforts towards reversing, or at least stopping, the continued warming of the Earth. This is extremely serious, precisely because most rich countries, primarily responsible for the warming of the planet, do not seem to have the resolve”
“We need a far more hardnosed attitude while fully harnessing the potential for improving the wellbeing of Malaysians via better lifestyles and choices.”
Jomo Kwame Sundaram, Research Advisor, Khazanah Research Institute
“The financialization of the environment, some say, has slowed down…..And then, of course, political will is something which is lacking in most parts of the world.”
Khoo Hsu Chuang, Managing Director, KHC Ventures Sdn Bhd
Recording and post is also available online here: https://www.cgmalaysia.com/ncgs24