BAKU, Azerbaijan, November 18. Malaysia aims to achieve a 70 percent share of renewable energy by 2050, Malaysia's Minister of Natural Resources and Environmental Sustainability Nik Nazmi Nik Ahmad said during a COP29 panel discussion on "Accelerating global industrial and energy decarbonization – a growth/economic modernization agenda" today, TurkicWorld reports.
"This year, we announced a more ambitious climate goal – to achieve carbon neutrality by 2050. For a relatively young industrial country like Malaysia, this is a challenging task that requires significant changes in policy and economic structure. However, we aim to become a beacon of ambition for the Southeast Asia region. This region is especially vulnerable to climate change, and we want to contribute," he explained.
"One of our key steps has been a clear commitment to the path toward achieving carbon neutrality. Currently, the share of renewable energy in our energy system is 25 percent, but by 2050, we aim to reach 70 percent," he added.
To note, the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29), which will run until November 22, opened at the Baku Olympic Stadium on November 11. It is the largest event organized by Azerbaijan to date, and the first time in the region that it is being held in Azerbaijan.
Within COP29, the highest level event - the summit of world leaders on climate action - was held on November 12–13.
The main expectation from COP29 is to agree on a fair and ambitious New Collective Quantitative Goal (NCQG) on climate finance. The COP29 chairmanship has launched 14 initiatives that include linkages between climate action and the Sustainable Development Goals, including green energy corridors, green energy storage, harmony for climate resilience, clean hydrogen, methane reduction in organic waste, action on green digital technologies, and other topics.
In addition to being a top priority that creates the conditions for action, creating climate finance will also help fulfill the 1.5°C pledge by bringing everyone together.
The UN Framework Convention on Climate Change is an agreement signed at the Rio Earth Summit in June 1992 to prevent dangerous human interference in the climate system. The acronym COP (Conference of Parties) stands for "Conference of Parties" and is the highest legislative body overseeing the implementation of the Framework Convention on Climate Change.
A total of 198 countries are parties to the Convention. Unless otherwise decided by the parties, COP is held annually. The first COP event was held in March 1995 in Berlin, and its secretariat is located in Bonn.
