Climate Finance Summit

1st August 2024

Sasana Kijang, Bank Negara Malaysia, Kuala Lumpur

INFORMATION PACK

Climate finance in Malaysia currently falls short of meeting the funding requirements for the country's various climate objectives. The potential for further development in this area remains largely untapped.

Our goal is to bring together businesses, regulators, financiers & members of the public to identify Malaysia's position in the global climate narrative, and to explore ideas on how to accelerate the financing of the country's mitigation and adaptation efforts.

About the Summit

The summit offers a unique opportunity to gain fresh perspectives and insights on the state of climate finance through constructive and fact-based discussions. This year's Climate Finance Summit (CFS) 2024 focuses on Mobilising Capital for a Just Transition, bringing together key stakeholders to discuss innovative solutions for financing a sustainable future that leaves no one behind. With a focus on four core themes - Asia’s Leadership in Climate Finance, Financing for Transition, Bridging Gaps for Climate Justice, and Embracing the Green Shift in Sustainability Adoption - the summit promises to deliver unparalleled value for attendees seeking to navigate the complex landscape of climate financing.

Join us for Malaysia's 2nd Climate Finance Summit (CFS), where public, regulatory, civil society, and private sector leaders will unite in a collaborative effort to seek innovative solutions and bridge the knowledge and capability gaps between different stakeholders.

Itinerary

YAB Dato' Sri Haji Fadillah bin Haji Yusof
Deputy Prime Minister, and Minister of Energy Transition & Water Transformation
Financing for Transition
Bridging Gaps for Climate Justice
Ground Floor: Main Lunch Area
The Carbon Border Adjustment Mechanism (CBAM): An Equitable Solution or a Disproportionate Burden?
Embracing the Green Shift in Sustainability Adoption
Lower Ground (Outside Auditorium)

YAB Dato' Sri Haji Fadillah bin Haji Yusof

Deputy Prime Minister, and Minister of Energy Transition & Water Transformation

Opening Keynote Address

YAB Dato’ Sri Haji Fadillah is the current Deputy Prime Minister and Minister of Energy Transition and Water Transformation of Malaysia. He is a member of Parti Pesaka Bumiputera Bersatu (PBB) where he has served as Senior Vice President since 2017.

Trained in law, he is the first Sarawakian deputy prime minister and previously served as the Minister of Plantation and Commodities, the Minister of Works and the Deputy Minister for Science, Technology and Innovation.

Malaysia stands at a pivotal juncture, with its economy traditionally anchored in natural gas and oil sectors, and renewable energy sources playing a minimal role in the national energy framework. The imperative to shift towards cleaner, sustainable energy forms is not only a response to global climate mandates but a strategic move to fortify national energy security and lessen the economic vulnerabilities tied to fossil fuel reliance. This keynote address will provide insights into the government's strategic approach to energy transition.

Salmah Bee Mohd Mydin

Executive Director, Market Development, Securities Commission Malaysia
Shahril Azuar Jimin

Group Chief Sustainability Officer, Maybank
Wong Chiun Chiek

Director of Bursa Intelligence, Bursa Malaysia
Datin Seri Sunita Rajakumar [MODERATOR]

Chairperson, Climate Governance Malaysia

Insight Forum 1 :

Financing for Transition

The Joint Committee on Climate Change (JC3), co-chaired by Bank Negara Malaysia and the Securities Commission, convened its 12th meeting to discuss priorities and action plans for the year, emphasizing collaboration with the government, financial industry, and partners to facilitate an orderly transition towards sustainability. Key focuses include increasing financial flows for climate transition, integrating nature and environmental risks into financial strategies, supporting credible transition plans, and ensuring meaningful support for SMEs. The Malaysian government, represented by the climate minister, called on the private sector to embrace decarbonization as a long-term corporate strategy, aligning with the National Energy Transition Roadmap (NETR) aiming for 70% renewable energy by 2050. Meanwhile, Bank Negara Malaysia expects at least fifty percent of new financing by banks to support climate or energy transition activities by 2026, as part of the Malaysia Financial Sector Blueprint (FSB) 2022-2026, highlighting the need for a facilitative policy environment and regulatory framework adjustments to enhance climate resilience while managing risks associated with green and transition funding.

Yin Shao Loong

Deputy Director of Research, Khazanah Research Institute (KRI)
Adrian Banie Lasimbang

Executive Director, Right Energy partnership with Indigenous Peoples (REP)
Meenakshi Raman

President, Sahabat Alam Malaysia & Coordinator, Third World Network
Fatin Zani

Sustainable Finance Manager, WWF-Malaysia
Khairun Zabidi [MODERATOR]

Board Director of Nusanterra Consulting & Eco-Business Malaysia

Insight Forum 2 :

Bridging Gaps for Climate Justice

Global warming has surpassed the 1.5°C threshold as a urgent "warning to humanity" on the need to accelerate reduction of emissions, as fast-depleting resources exacerbates crises in health, food security, and water supply. Locally and regionally, vulnerable communities are disproportionately affected, from rural farmers and fishermen facing losses due to climate change to orang asli displaced from forestlands.

What other opportunities need to be explored to ensure comprehensive efforts are implemented beyond Net-Zero and carbon offset targets? What can other perspectives, grounded in people-centred developmental justice, offer to the climate financing space?

H.E. Michalis Rokas

Ambassador & Head of the European Union Delegation to Malaysia
Yin Shao Loong

Deputy Director of Research, Khazanah Research Institute (KRI)
Dato’ Sri Mustapha Mohamed [MODERATOR]

Distinguished Fellow, Asia Headquarters of The United Nations Sustainable Development Solutions Network (SDSN)

Informative Debate Session

The Carbon Border Adjustment Mechanism (CBAM):

An Equitable Solution or a Disproportionate Burden?

The concept of globalisation was introduced to bridge the gaps and fulfil the needs of economic activities across countries in different parts of the world. As we fast forward to the present day, sustainability has become a crucial factor in decision-making processes and commitments aimed at achieving net-zero emissions.

Countries such as those in the European Union have introduced mechanisms like the Cross-Border Adjustment Mechanism (CBAM) to create a fair and level playing field. This mechanism is designed to adjust the cost of carbon emissions associated with imported goods, thereby encouraging global participation in carbon reduction efforts.

Mohd Nazri Omar

Managing Director, Group Corporate and Investment Banking, Bank Pembangunan Malaysia Berhad (BPMB)
Anjali Viswamohanan

Director of Policy, Asia Investor Group
Tham Chee Aun

Group CEO, Ditrolic Energy
Chai Jia Jun

Group Chief Strategy Officer, Yinson Holdings Berhad
Hillary Chua [MODERATOR]

Managing Director, OPUS Consultants

Insight Forum 3 : Embracing the Green Shift in Sustainability Adoption

As Malaysia forges ahead with ambitious climate goals, innovative financing strategies are essential to propel this vision into reality in compliance with various green regulations. This pivotal panel session will explore the convergence of various financing avenues across entire organizations in a transformative approach to support Malaysia’s climate agenda.

Featuring esteemed representatives from the finance and energy industries, this panel will explore the complexities of this journey, discussing the strategies that companies can employ to meet regulatory requirements while also achieving their sustainability goals. How does leadership drive necessary change alongside stakeholders engagement, in ensuring companies overcome obstacles and turn sustainability into a competitive advantage. Together, with these panelists we can explore the interplay between policy, investment, and industry in driving the green shift, addressing topics such as blended finance models, the role of public-private partnerships, and strategies for overcoming barriers to sustainable development in the Asia-Pacific region.

YB Nik Nazmi Bin Nik Ahmad

Minister of Natural Resources & Environmental Sustainability

This closing keynote seeks to wrap-up the summit’s discussion with uncovering the transformative climate finance strategies employed in Malaysia and its leadership within Asia. As Asia confronts the dual challenges of rapid development and environmental sustainability, this discussion will delve into the diverse approaches to mobilizing capital for climate action, the effectiveness of public-private partnerships, and the innovative use of green financial instruments such as green bonds. The closing remarks will offer a comparative perspective on the policies, strategies, and instruments that have driven significant investment in clean energy and enabled robust climate mitigation and adaptation initiatives in Malaysia.