Malaysia’s Finance Minister Pledges to Strengthen Resilience Against Disasters, #ClimateChange

VOW Desk 07/10/2022

2 1 minute read

KUALA LUMPUR: Malaysia has seen an increase in occurrence of floods and landslides, partly due to climate change, thus government is committed to implementing the Flood Mitigation Plan until 2030، Malaysia’s Finance Minister Tengku Zafrul Tengku Abdul Aziz stated this while tabling the national budget for 2023 on Friday (Oct 7), the second-largest ever budget in the country’s history.

It is the country’s long-term strategy to adapt to climate change throughout the country which involves around RM15 billion of expenditure.

Additionally, in line with Malaysia’s commitment to be carbon neutral by 2050, Tengku Zafrul said that the Green Technology Financing Scheme will also be improved.

The scheme will see the increase of its guarantee value to RM3 billion until 2025 and expand the scope of financing for the Electric Vehicle sector with a guarantee limit of up to 60 per cent.

The government has also set aside RM10 million for public universities as part of the “green campus initiative” to encourage sustainable practices like using solar panels.

#ClimateChange, #ClimateAction, #Malaysia, #ClimateResilience,#Disasters, #ClimateJustice