Climate and Environmental Governance: EU’s Carbon Border Adjustment Mechanism will benefit Malaysia

Updated: Sep 20

The efforts to fight climate change and its disastrous consequences are not relenting. For instance, as a result of the 2021 United Nations Climate Change Conference (COP26), 46 countries signed the Global Coal to Clean Energy Transition Statement, committing to transition away from unabated coal power generation by 2030 for “major economies” and a global transition by 2040.


The European Union is actively implementing the Climate Law it adopted back in 2021, which sets a binding objective for the EU to reach climate neutrality by 2050 and an ambitious 2030 climate target of at least 55% reduction of net emissions of greenhouse gases as compared to 1990. Malaysia is doing its part as well and has, of late, stepped up its efforts.


Last year, the government pledged to become carbon neutral by 2050 and updated its Nationally Determined Contribution (NDC), stating its intention to unconditionally reduce economy-wide carbon intensity of 45% by 2030 compared with 2005 levels. It is now mulling a Climate Change Act and is well on the way to creating a domestic emission trading scheme.


Read full article here:

https://www.theedgemarkets.com/article/climate-and-environmental-governance-eus-carbon-border-adjustment-mechanism-will-benefit


43 views0 comments