EVERY time it rains, there is a flood, a problem that Malaysians have been complaining about recently. Years ago, if we asked the average Malaysian ab...
From devastating floods to record-breaking heatwaves, the impacts are now a daily reality. – BERNAMAPIC
Fast forward to today, and the phrase “climate change” has taken on a more urgent and personal meaning. Thanks, or perhaps no thanks, to the recent string of extreme weather events, Malaysians are now learning firsthand what climate change truly entails. Malaysia has made strides in this area, particularly with Bank Negara Malaysia’s Climate Change and Principle-based Taxonomy, which provides a framework for identifying and classifying green investments. This is a solid step towards greater transparency and accountability in the financial sector.
These projects often involve advanced technologies, rigorous certification processes and adherence to international standards, all of which require expertise that is not readily available. To bridge this gap, it is essential to factor in the opportunity cost when designing financial incentives. These incentives must not only be attractive enough to lure investors but also practical and accessible for developers.
Meanwhile, the concept of a carbon tax is gaining traction globally, and it is something Malaysia should seriously consider. Marginalised communities, especially those who live in flood-prone areas, suffer the most during heatwaves and cannot afford to adapt to changing conditions. For them, climate change is a daily struggle. Tools like social media can impact bonds, which can be tailored to benefit these communities, ensuring that green finance reaches those who need it most.
For example, leveraging advanced data analytics and AI in ESG reporting can improve transparency and help investors make more informed decisions. Rigorous monitoring and reporting mechanisms should be in place to track the impact of green finance initiatives and ensure that they deliver on their promises. This also includes considering the opportunity costs involved when designing incentives so financial tools are attractive to investors and practical for broad implementation.
Despite the growing awareness of this issue, there is a glaring lack of regulation to address it. Without stringent rules and accountability, industries will continue to get away with these practices, undermining genuine efforts to combat climate change.
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