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STATEMENT BY MALAYSIA

 

2022 ECOSOC FORUM ON FINANCING FOR DEVELOPMENT

 

26 APRIL 2022

 

Mr. President,

 

1.       Malaysia aligns itself with the statement made by Pakistan on behalf of the G77 and China.

 

2.       The COVID-19 pandemic - and climate change have thwarted not only our trajectory in achieving SDGs, but also financing pathways that would help us achieve them. Therefore, in our collective efforts to address the issue, allow me to make the following three (3) points:

 

3.       Firstly, the pandemic has certainly widened existing economic gaps and disproportionately affected those who are already economically marginalised. Therefore, it is critical to ensure that the health and climate crisis do not reverse the hard-won development gains that we have achieved before the start of the pandemic.

 

4.       In this regard, Malaysia has established the Malaysia Sustainable Development Goals Trust Fund or the MySDG Trust Fund. The MySDG Trust Fund is a multi-donor mechanism to enable different parties to collaborate in achieving the SDGs.

 

5.       The Government of Malaysia has allocated a total of RM20 million as initial contribution to the MySDG Trust Fund. The fund will be deployed to finance the Government’s SDG-focused programmes and projects throughout Malaysia.

 

6.       The establishment of the said Trust Fund reflects the Government’s continuous commitment to ensure a sustainable and inclusive development.

 

7.       Secondly we have to create an enabling environment and innovative solutions to address financing gaps in sustainable development.

 

8.       Malaysia has taken a pioneering role in harnessing capital markets, and in particular Islamic finance, for climate friendly investments.

 

9.       We have successfully priced the world’s first sovereign US Dollar Sustainability Sukuk or Islamic bond, via the issuance of USD800 million 10-year Trust Certificates in 2021.

 

10.       The proceeds of the Sustainability Sukuk will be used for eligible social and green projects aligned to the 2030 Agenda on the Sustainable Development Goals.

 

11.       Thirdly, we believe that integrating Environment, Social and Governance or ESG into businesses, is a growing imperative that can encourage sustainable businesses and a resilient economy.

 

12.       Malaysia has made important strides in integrating ESG considerations into business practices and investment considerations of companies and financial service providers.

 

13.       Under the Malaysia’s 12^th Development Plan, industry players are required to adopt the ESG elements in their business practices. The adoption of the ESG in the manufacturing and related sectors will promote the low-carbon and climate-resilient economy.

 

Thank you, Mr. President.