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Opening address - Malaysia's Climate Finance Day

· Abdul Rasheed Ghaffour, Governor of the Bank Negara Malaysia (Malaysia)

Summary written by Dark Majestic in its own words · topics: inflation and price stability, climate, energy and nature, development and emerging economies

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· Abdul Rasheed Ghaffour · Bank Negara Malaysia WikiOpening address - Malaysia's Climate Finance Day

ContextOpening address by Abdul Rasheed Ghaffour, Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at Malaysia's Climate Finance Day at COP28 UAE, Dubai, 3 December 2023.

Why it mattersThe governor presses rich countries to deliver promised climate finance.

Problems raised
  1. Developing economies lack support to cope with climate change.
  2. Extreme weather adds to inflationary pressures.
  3. Climate events create financial risks such as asset impairment and rising insurance claims.
Solutions proposed
  1. Press advanced economies to deliver on climate finance promises.
  2. Integrate climate risk into financial institutions' risk management.
  3. Mobilise finance for Malaysia's transition to a low-carbon economy.
Read full speech on bis.org ↗

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