KUALA LUMPUR, April 2 — Bank Negara Malaysia (BNM) will continue with its engagements with key stakeholders in navigating Malaysia’s economic transition towards a decarbonised...
KUALA LUMPUR, April 2 — Bank Negara Malaysia will continue with its engagements with key stakeholders in navigating Malaysia’s economic transition towards a decarbonised future.
“For Malaysia to achieve substantial emissions reductions, embarking on the necessary adaptation and mitigation will be vast in scale and complex in execution,” the central bank acknowledged in its Economic And Monetary Review 2022 report released on Wednesday. Managing these adverse impacts calls for adaptation measures that are suited to local conditions, including stormwater management, soil erosion prevention, reforestation, and building climate-resilient homes and infrastructure, according to the report.Among the key challenges are high dependence on coal for power generation, low energy efficiency in the economy, and the significant reliance on fossil fuels for fiscal revenue and external competitiveness.
Between 2022 and 2050, over US$270 trillion is required to decarbonise the global economy, mostly in the transport, energy, building, and industry sectors. Malaysia needs to explore existing and new economic opportunities as well as improve the investment climate and funding mechanisms to drive green investments, the central bank advised.
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