“Malaysia urges transparency in COP28’s Loss and Damage Fund governance to include multiple institutions”

Malaysia is calling for transparency in the governance and mobilization of the Loss and Damage Fund established during COP28. The country’s NRECC minister, Nik Nazmi, highlighted the need for multiple institutions to handle the funds instead of just one, as many developing nations have suggested.

1. Malaysia calls for transparency in the governance and mobilisation of the Loss and Damage Fund which was established during COP28.

NRECC minister Nik Nazmi says many developing nations highlighted that the funds should be handled by multiple institutions, instead of just one. pic.twitter.com/VyaIPuFDG5

— BFM News (@NewsBFM) December 3, 2023

Malaysia has called for transparency in the governance and mobilization of the Loss and Damage Fund established during COP28. The country’s Natural Resources and Environment Minister, Nik Nazmi, emphasized the importance of handling the funds through multiple institutions rather than just one.

The Loss and Damage Fund was created to address the financial needs of developing nations affected by climate change. These nations have often suffered significant economic losses and damages due to extreme weather events, rising sea levels, and other climate-related impacts. The fund aims to provide financial assistance to these countries to help them adapt to and mitigate the effects of climate change.

Malaysia’s call for transparency in the fund’s governance and mobilization reflects the concerns of many developing nations. By involving multiple institutions in the management of the fund, the decision-making process becomes more democratic and accountable. It also ensures that the funds are utilized efficiently and effectively to address the specific needs of each affected country.

Transparency is crucial in building trust among nations and ensuring that the funds are used for their intended purposes. By making the governance and mobilization processes transparent, Malaysia hopes to promote fairness, equity, and inclusivity in the distribution of funds.

The country’s initiative aligns with the broader global efforts to tackle climate change and support vulnerable nations. As the impacts of climate change continue to intensify, it is essential to strengthen international cooperation and financial mechanisms to assist developing nations in their adaptation and mitigation efforts.

By advocating for transparency in the governance and mobilization of the Loss and Damage Fund, Malaysia sets an example for other nations to follow. It highlights the importance of inclusive decision-making processes and ensures that the funds are used effectively to address the urgent needs of those most affected by climate change..

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@NewsBFM said 1. Malaysia calls for transparency in the governance and mobilisation of the Loss and Damage Fund which was established during COP28. NRECC minister Nik Nazmi says many developing nations highlighted that the funds should be handled by multiple institutions, instead of just one.