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SAM welcomes efforts to accelerate climate action through the financial sector

  • Publication Date | October 1, 2020
  • Document Type | Letter to the Editor
  • Programmes | Climate Change
  • Issues | Biodiversity, Mitigation
  • Tags | Bank Negara, Covid-19, financial sector, IPCC, low carbon financing, Securities Commission
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Sahabat Alam Malaysia (SAM) welcomes the efforts of Bank Negara Malaysia (BNM) and the Securities Commission (SC) in accelerating climate action through the financial sector, via the Joint Committee on Climate Change (JC3) established to spearhead this. 

We refer to the recent letter by Hajar Shamsudin entitled ‘Time for local banks to run the green path’ (published in The Star, 19 Sept.) and echo the sentiments of the author.  

We laud the efforts of both BNM and the SC in taking the lead in accelerating climate action in the private sector, by ensuring that domestic financial institutions are adequately measuring, mitigating and building buffers against climate risks. 

We are glad to note that members of the JC3 (in their recent statement of Sept 15) have affirmed the importance of managing climate change “given the significant risks and systemic impact that climate events can inflict on our lives and livelihoods.”

We agree with the JC3 that the current COVID-19 pandemic has taught us many lessons, including over the “demand and supply shocks spreading across borders”, from which we have to learn. 

SAM welcomes the realisation that “this has raised a further sense of urgency to the work of JC3 in supporting efforts to build resilience against climate and environmental-related events, and secure an orderly transition to a more sustainable economy.”

It is vital indeed through these efforts to push the financial sector towards making responsible and ethical financing investments in scaling up environmental and low-carbon financing, as well as in giving equal attention to investments in climate adaptation. 

Adaptation deals with implementing measures to increase the nation’s resilience to climate impacts, such as in the implementation of early warning systems to reducing the risk of flooding; or to enable other economic activities to adapt to climate change. 

What is most startling from recent studies globally, is the apparent lack of sufficient preparedness in many cities and countries around the world, including our own, in addressing the possible climate impacts of climate change. 

More than two in three cities around the world are already noticing the effects of climate change, from more heatwaves to worsening flooding, but few have effective plans in place to deal with the threats. Apparently, budget restrictions are a key reason cities say they are failing to act, particularly on long-term threats.

Hence, investing in adaptation now is most vital. It is well known that financing for mitigation (reducing emissions) is usually prioritised over adaptation, as the former can be revenue generating while the latter is not. But to ignore adaptation actions will lead to severe economic losses, as exemplified by forest fires and impacts from flooding.

In the case of investments in mitigation-related efforts, we stress the need to put an end to fossil fuel financing. 

It is troubling to know that Malaysian banks are at risk of being left to prop up a dying industry, given the huge investments in thermal coal and coal power, while the global landscape of renewable energy continues to expand rapidly. 

While some Malaysian banks have stated that they are taking a phased approach to ease up on coal financing, more urgency is needed in ending this altogether. 

A recent report of the Intergovernmental Panel on Climate Change (IPCC) states that global warming is likely to reach 1.5°C between 2030 and 2052 if emissions continue to increase at the current rate. Some have even predicted that the 1.5°C level will be breached much sooner rather than later. 

Already at a current 1°C rise, the world is witnessing dramatic changes in the climate, such as rainfall intensities which have not been heard of before, including in this country, as well as forest fires of mega proportions.

Hence, doing more on climate change with the urgency required is imperative, especially in the financial sector, which can shape the direction of where we head. 

Our financing choices will determine whether we are on the path to a low-carbon and safe future which is also resilient to climate impacts, or whether we are exposed to a whole load of risks similar to the Covid-19 pandemic that will have far-reaching consequences across all sectors, including our lives and the economy.

Hence, we reiterate the urgency for the financial sector and banks to ensure climate-friendly investments.

Meenakshi Raman

President

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Testimonials

Sahabat Alam Malaysia adalah satu badan bukan kerajaan (NGO) yang telah sekian lama berjuang mempertahan kelestarian alam. Ia juga mendidik masyarakat tentang pentingnya kebersamaan dalam pemikiran dan tindakan agar alam ini dapat kita wariskan kepada generasi hadapan dalam keadaan yang elok dan terpelihara. Dalam pada itu juga SAM giat membantu golongan nelayan pantai dalam memperjuangkan hak-hak mereka sehinggalah tertubuhnya Persatuan Pendidikan dan Kebajikan Nelayan Pantai Malaysia (JARING). Nelayan pantai sepenuh masa ini dididik oleh SAM sehingga mereka mampu memainkan peranan sebagai pemimpin nelayan yang meneruskan kesinambungan memperjuangkan hak-hak nelayan pantai lainnya. Sebagai contoh SAM telah berjaya menyedarkan masyarakat nelayan keperluan menjaga hutan paya bakau untuk kebaikan hasil tangkapan nelayan itu sendiri.
Jamaluddin Mohamad Bualik
Jamaluddin Mohamad BualikPersatuan Pendidikan dan Kebajikan Jaringan Nelayan Pantai Malaysia (JARING)
During the 1980s, I used to read about the Consumers’ Association of Penang (CAP) in the news. After retirement, some time in 2001, while lazing around, I read news about the construction of a carbon in leach plant using sodium cyanide to extract gold in Bukit Koman. My friends and I visited CAP and we were introduced to SAM and her legal team. We discussed the details of filing a case against the gold mining company and the department of environment with Ms Meenakshi Raman and her legal team. That was the beginning of a beautiful friendship between lawyers from SAM and many of us from Bukit Koman. We had many ups and downs in our struggle to shut down the gold mine that was causing a nuisance in our village. But, as a community we never gave up because SAM had our backs.
Hue Fui How
Hue Fui HowSecretary, Bukit Koman Ban Cyanide in Goldmining Action Committee (BCAC)
Sahabat Alam Malaysia adalah sebuah NGO yang memperjuangkan nasib masyarakat luar bandar khasnya. SAM menerima aduan-aduan masyarakat dan menyelesaikan masalah yang dihadapi. SAM telah mewujudkan ramai aktivis-aktivis sosial dan alam sekitar. Pada era 1980 dan 90an SAM sangat dihormati oleh masyarakat dan agensi kerajaan. Apabila media sosial menguasai maklumat maka SAM pun terkesan dan masalah masyarakat terus disalurkan dengan pelbagai cara. SAM perlu mewujudkan aktivis-aktivis pelapis yang muda untuk terus membantu masyarakat. SAM juga perlu membuat perubahan supaya banyak turun kelapangan dan jangan mengharapkan laporan media sahaja. Tingkatkan prestasi sebagaimana pada zaman kegemilangan SAM di era 80-90an.
Che Ani Mt Zain
Che Ani Mt Zain
SAM taught me the importance of social activism and the role it plays in upholding the rights of people and the protection of the environment. In my experience, SAM has never hesitated to speak up in defence of people and their environment, and has gone the extra mile to champion their rights, by helping communities take their battles to the higher ups and even to the courts.
Jessica Binwani
Jessica BinwaniPublic/Private Interest Lawyer
Semenjak kami kenal SAM, banyak pengalaman dan pengetahuan yg kami dapat. Kami telah belajar cara membuat baja asli daripada SAM. Semenjak itu, bermulalah minat kami dalam aktiviti pertanian. Dengan memperolehi kemahiran dalam membuat baja asli dan penanaman lestari, kami juga telah dapat menambahkan pendapatan sampingan kami. Ini lebih baik daripada tanah kami terbiar dan tidak diusahakan. Terima kasih SAM kerana sudi memberi bantuan dan tunjuk ajar kepada Persatuan kami.
Chedo Anak Nyuwen
Chedo Anak NyuwenPersatuan Penduduk Sg Buri, Bakong, Marudi
My journey with SAM started when her community organisers took me to the meet the paddy farmers of Kedah, connecting my growing interest in environmental law with our people who struggle to work the land in the face of pollution, replacement of traditional seeds with commercial hybrids and their accompanying chemical package of fertilisers and weedicides. I then had the honour to work with SAM in the struggle for the rights of the native communities of Sarawak, in defence of their forests from massive logging and destructive mega-projects. In every issue that SAM takes up, she combines rigorous research with the realities and voices of the communities to advocate for policies and laws that care for people and nature. From the courts to the elected legislators to policy makers and implementers and to the United Nations, SAM walks side by side with the communities in Malaysia. How can I not be inspired by the vision and passion of the generations of women and men who coalesce to form SAM?
Chee Yoke Ling
Chee Yoke Lingstudent of SAM, Executive Director of Third World Network, SAM’s sister organisation

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Sahabat Alam Malaysia (Headquarters)
No. 1, Jalan Joki, 11400 Penang,
Malaysia
Tel: +604 827 6930
Fax: +604 827 6932

Sahabat Alam Malaysia (Marudi Office)
129A, First Floor,
Jalan Tuanku Taha,
P.O.Box 216,
98058 Marudi, Baram, Sarawak,
Malaysia
Tel & Fax: +6085 758 973

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