China encourages green financing in Malaysia through the Belt and Road Initiative

At the recent COP26 summit, countries reached an agreement to prevent worsening and irreversible climate change impacts. According to the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP), Asia and the Pacific region requires an estimated US$1.5 trillion (RM6.34 trillion) per year to achieve the United Nations Agenda for Sustainable Development Goals (SDGs) by 2030. The Belt and Round Initiative (BRI) emphasises going greener to meet the SDG targets, which paves the way for other countries to participate in long-term green and sustainable development. Though in its infancy, the aim is to mobilise capital to finance green projects through international multilateral and bilateral cooperation. Through investment and collaboration, BRI coalitions provide the impetus for Malaysia to join hands in accelerating green financing efforts and eventually mitigate climate change, protect biodiversity and improve livelihoods.