Latest news with #COP30
Business Times
3 hours ago
- Business
- Business Times
China signals investment in Brazil-led global forest fund: sources
[RIO DE JANEIRO] China has signalled to the Brazilian government that it will invest in the Tropical Forests Forever Facility, a multilateral mechanism funding conservation of endangered forests around the world, two sources with knowledge of negotiations told Reuters. An investment by China in the fund, which Brazil first proposed in 2023, would signal an important shift in climate finance, which has relied on funding from wealthy nations most responsible for global warming to date. China's commitment to the fund could pave the way for emerging economies to contribute financially to climate change mitigation, moving beyond the mandatory requirements imposed on developed nations by the 2015 Paris Agreement. The new approach comes as wealthy nations such as the United States retreat from ambitious pledges to fund projects curbing climate change, despite growing pressure from poorer nations struggling to cope with the impacts of a warmer climate. At last year's United Nations climate summit, leaders of developing countries lambasted wealthy nations over their annual US$300 billion global finance target, covering just a fraction of the US$1.3 trillion that economists say is necessary. Chinese Finance Minister Lan Fo'an expressed the intention to contribute to the forests fund, known as TFFF, in a meeting with his Brazilian counterpart Fernando Haddad on Thursday, sources said. They spoke on the sidelines of a meeting of finance ministers in the run-up to the Brics summit of major developing nations that starts in Rio de Janeiro on Sunday. A NEWSLETTER FOR YOU Friday, 12.30 pm ESG Insights An exclusive weekly report on the latest environmental, social and governance issues. Sign Up Sign Up '(Lan) told (Haddad) that he considered the fund idea important and that China would collaborate,' said one source, who witnessed the conversation, adding that the discussion did not involve specific values. The Brazilian government has taken the message from China's finance minister as a signal that Beijing will contribute funds, the sources said, although a public announcement is not expected until the UN climate summit, COP30, in November. China's embassy in Brasilia and Brazil's Finance Ministry did not immediately reply to a request for comment. Brazilian President Luiz Inacio Lula da Silva had previously discussed the fund with Chinese President Xi Jinping during his visit to China in May, according to sources. Brazil also aims to attract other resource-rich developing nations to the fund, particularly from the Middle East, the sources said. The Brazilian government sees potential for the TFFF to be its main new deliverable at COP30, which it will host in the Amazonian city of Belem. Policymakers have envisioned TFFF as a US$125 billion fund, combining sovereign and private-sector contributions, to be managed like an endowment paying countries annual stipends based on how much of their tropical forests remain standing. While sources do not expect the fund to launch at that scale, the idea received initial signs of support from the UK, France, Germany, Norway, Singapore and the United Arab Emirates. Early backing from the United States evaporated after US President Donald Trump exited the Paris Agreement. The interest in the TFFF underscores growing international attention on the preservation of tropical forests, rich in planet-warming carbon, as a powerful tool to combat climate change and stave off biodiversity loss. REUTERS


Malay Mail
4 hours ago
- Business
- Malay Mail
Anwar heads to Brazil for Brics summit, pushing inclusive global order and AI governance as Asean chair
KUALA LUMPUR, July 5 — Prime Minister Datuk Seri Anwar Ibrahim is set to reinforce the importance of multilateralism amid a rapidly polarising global landscape and Malaysia's unwavering commitment to a more balanced, inclusive world order at the 17th Brics Leaders' Summit in Rio de Janeiro, Brazil, from July 6–7. Acting Head of Mission of the Malaysian embassy in Brasilia, the capital of Brazil, Datuk Mohammad Ali Selamat, said the Prime Minister will deliver a statement entitled: 'Strengthening Multilateralism, Economic–Financial Affairs and Artificial Intelligence,' during the session for Brics partner countries on Sunday. He will also deliver another statement on 'Environment, COP30 and Global Health' on Monday. Speaking to the Malaysian press in a virtual session from Brasília, Mohammad Ali said both interventions reflect Malaysia's steadfast commitment to strengthening multilateralism and amplifying the voice and interests of developing countries, aligned with the core objectives of Brics 2025. Anwar is set to arrive in Rio de Janeiro this morning for the Brics Summit, following his official visit to France, which ended yesterday. This marks his second visit to Brazil, after attending the G20 Summit as a guest last year. Both visits are on the invitation of Brazilian President Luiz Inacio Lula da Silva. 'The Prime Minister will emphasise the importance of multilateralism through constructive dialogue and inclusive collaboration, as Malaysia firmly believes that platforms such as Brics play a vital role in enabling the international community, particularly developing countries of the Global South, to collectively address shared challenges that threaten sustainable development, equitable growth and global stability. 'Malaysia, as Asean Chair, promotes regional cooperation through digital transformation, Artificial Intelligence (AI) governance and more inclusive trade. 'In the second session, the Prime Minister will focus on the challenges of addressing global health issues and climate change through international cooperation, while also emphasising efforts to strengthen climate financing towards a sustainable transition,' he said. As Chair of Asean 2025, Mohammad Ali said Malaysia is also looking forward to strengthening ties between the two groupings to enhance regional economic cooperation that contributes to collective efforts toward building a more inclusive, equitable and sustainable global economy during the Brics Leaders' Summit, themed 'Strengthening Global South Cooperation for More Inclusive and Sustainable Governance.' Anwar, who is currently undertaking a visit to three countries — Italy, France, and Brazil — from July 1 to 7, is scheduled to arrive in Rio this morning for the summit. Malaysia's participation in the summit is in its capacity as a Brics Partner Country and as Chair of Asean 2025. Malaysia officially became a Brics Partner Country on January 1 this year. The Brics group — which serves as a political and diplomatic coordination forum for countries of the Global South and collaboration across diverse sectors — was initially established by Brazil, Russia, India and China. It later expanded with the inclusion of South Africa in 2011, followed by Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates (UAE) in 2023, and Indonesia in 2024. Malaysia, as well as Belarus, Bolivia, Kazakhstan, Cuba, Nigeria, Thailand, Vietnam, Uganda and Uzbekistan, were accepted as Brics partner countries. Meanwhile, during his visit to Rio de Janeiro, Anwar, who is also the Finance Minister, is scheduled to have a business meeting with Brazil's multinational aerospace corporation, Embraer. The Prime Minister's delegation here includes Transport Minister Anthony Loke, Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz, Deputy Minister of Energy Transition and Water Transformation Akmal Nasrullah Mohd Nasir, senior government officials and representatives from Malaysian companies. Mohammad Ali also highlighted that bilateral trade between Malaysia and Brazil increased by 14.6 per cent to RM20.35 billion (US$4.38 billion) in 2024, rising from RM17.43 billion recorded in the previous year, maintaining Brazil as one of Malaysia's main trading partners in Latin America. Among Malaysia's exports to Brazil are electrical and electronic products (E&E), rubber products, petroleum products, chemicals and chemical products and palm oil-based manufactured products, while imports from the South American country include metalliferous ores and metal scrap, meat, coffee, and crude petroleum. 'Brazil is among the main markets for E&E and rubber products, while we import halal meat and raw sugar from Brazil, which contributes to Malaysia's food security,' he added. 'The oil and gas sector is Malaysia's largest investment through Petronas, while we will also hold discussions on semiconductors, food security, and green energy from time to time.' Rio de Janeiro is a vibrant coastal city in Brazil, renowned for its iconic beaches like Copacabana and Ipanema, the towering 38-metre Christ the Redeemer statue atop Mount Corcovado, and the stunning Sugarloaf Mountain, accessible by cable car. The city is also famous for its vast favelas, or shantytowns, and its world-famous 'Carnaval do Rio de Janeiro', a dazzling celebration with elaborate parade floats, colourful costumes, and lively samba dancers, which is widely regarded as the largest in the world. — Bernama


The Sun
5 hours ago
- Business
- The Sun
PM Anwar to champion multilateralism at BRICS Summit in Brazil
KUALA LUMPUR: Prime Minister Datuk Seri Anwar Ibrahim is set to highlight the critical role of multilateralism and Malaysia's dedication to fostering a balanced, inclusive world order at the 17th BRICS Leaders' Summit in Rio de Janeiro, Brazil. The summit, scheduled for July 6-7, will see Anwar addressing key global challenges, including economic cooperation, artificial intelligence governance, and climate action. Acting Head of Mission at the Malaysian embassy in Brasilia, Datuk Mohammad Ali Selamat, confirmed that Anwar will deliver two key statements during the summit. The first, titled 'Strengthening Multilateralism, Economic-Financial Affairs and Artificial Intelligence,' will be presented during the session for BRICS partner countries on Sunday. The second, focusing on 'Environment, COP30 and Global Health,' will be delivered on Monday. Mohammad Ali noted that these interventions align with Malaysia's commitment to amplifying the voices of developing nations within global platforms. 'The Prime Minister will stress the need for constructive dialogue and inclusive collaboration, as BRICS serves as a crucial platform for addressing shared challenges like sustainable development and global stability,' he said. Anwar's participation follows his official visit to France and marks his second trip to Brazil, having previously attended the G20 Summit as a guest last year. Both visits were at the invitation of Brazilian President Luiz Inacio Lula da Silva. As ASEAN Chair for 2025, Malaysia aims to strengthen ties between ASEAN and BRICS to enhance regional economic cooperation. The summit's theme, 'Strengthening Global South Cooperation for More Inclusive and Sustainable Governance,' resonates with Malaysia's priorities, including digital transformation, AI governance, and equitable trade. Malaysia officially became a BRICS Partner Country on January 1 this year, joining other nations such as Belarus, Bolivia, and Thailand. The BRICS bloc, initially comprising Brazil, Russia, India, and China, has expanded to include South Africa, Egypt, Iran, and the UAE, among others. During his visit, Anwar is also scheduled to meet with Brazil's aerospace giant Embraer, underscoring potential economic collaborations. His delegation includes Transport Minister Anthony Loke and Investment, Trade, and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz. Bilateral trade between Malaysia and Brazil has grown significantly, reaching RM20.35 billion in 2024, a 14.6% increase from the previous year. Key Malaysian exports include electrical and electronic products, rubber goods, and palm oil-based items, while imports from Brazil feature metalliferous ores, halal meat, and crude petroleum. 'Brazil remains a vital trading partner in Latin America, particularly for E&E and rubber products. Our collaboration in food security and green energy will also be a focus,' Mohammad Ali added. Rio de Janeiro, the host city, is famed for its scenic landmarks, vibrant culture, and the world-renowned Carnaval, making it a fitting backdrop for discussions on global cooperation. -BERNAMA


New Straits Times
8 hours ago
- Business
- New Straits Times
Anwar to push inclusive trade, AI governance
KUALA LUMPUR: Prime Minister Datuk Seri Anwar Ibrahim is scheduled to deliver two country statements at the 17th BRICS Summit of Heads of State and Government, focusing on strengthening multilateralism, economic and financial affairs, and artificial intelligence (AI). Themed "Strengthening Global South Cooperation for More Inclusive and Sustainable Governance", the summit will be held in Rio de Janeiro, Brazil, on July 6 and 7. Malaysia's Acting Head of Mission in Brazil, Datuk Mohammad Ali Selamat, said Anwar began his working visit to Rio de Janeiro yesterday and will remain there until Monday for the summit. He said Anwar's attendance follows an invitation from Brazilian President Luiz Inácio Lula da Silva. "The prime minister will present Malaysia's perspective on the importance of reinforcing multilateralism and international cooperation in addressing global challenges, particularly in areas such as the economy, international trade and AI. "As the current Asean chair, Malaysia is promoting regional cooperation through digital transformation, AI governance and more inclusive trade," he said at an online press conference on Thursday. He said Anwar will focus on global health and climate change challenges, as well as efforts to address them through international cooperation, when delivering Malaysia's country statement during the environment, COP30, and global health sessions on the second day of the summit. "The prime minister will also highlight efforts to strengthen climate financing and ensure a just and sustainable transition," he said, adding that Anwar is also expected to hold bilateral meetings with his counterparts from BRICS member states and partner countries on the sidelines of the summit. He said Anwar's country statement reflects Malaysia's commitment to strengthening multilateralism and championing the voice and interests of developing nations, in line with the core objectives of BRICS. "As the Asean chair in 2025, Malaysia will strive to enhance cooperation between Asean and BRICS to boost regional economic collaboration, contributing to a collective effort towards a fairer and more sustainable global economy." He added that Malaysia's participation in the summit is in the capacity of a BRICS partner country and as the Asean chair, and that there is no clear direction yet regarding full membership in BRICS. "Full membership is a matter to be decided by consensus among BRICS member countries, and as of now, Malaysia has not reached that stage."


Arab News
12 hours ago
- Politics
- Arab News
Why Europe can postpone climate justice no longer
After considerable delay, the European Commission has presented its legislative proposal to set a 90 percent target for reducing greenhouse gas emissions by 2040, which will now be deliberated by the European Parliament and the Council. The bloc had already positioned itself as a climate leader, setting an ambitious 2030 emissions reduction goal that it is on track to meet. But with its new focus on regaining economic competitiveness and military might, the EU is grappling with a practical and moral question: will it continue to set the global standard for climate action? To be sure, the EU stands to benefit from adopting the 2040 target. Increasing its use of renewables would bolster energy security, reduce geopolitical risk, and stabilize its economy, owing to lower and more predictable power costs. But the bloc's commitment to decarbonization also has global implications. The clean energy transition offers the best chance of achieving broad based prosperity, and the world cannot afford for the EU to reverse course. Such leadership is especially important as countries finalize their updated climate action plans for the next five years, ahead of COP30 in Belem, Brazil, in November. What may seem like a technocratic exercise in emissions accounting affects countless lives and livelihoods, particularly in the Global South countries that have borne the brunt of a crisis largely created by the Global North. Communities across Africa are already suffering the devastating effects of climate change, including heat waves, crop failures, and coastal erosion. Last year, flash floods affected more than one million people in Nigeria. In Uganda, where I live, families are losing their homes and land to landslides triggered by heavy rains. Despite contributing the least to global warming, we are facing its most severe consequences, and falling deeper into poverty as a result. Moreover, many Global South governments are caught in a debt trap, with high interest payments limiting their ability to invest in climate adaptation and mitigation. Their inability to manage worsening climate conditions could result in up to 216 million people being internally displaced by 2050, including nearly 86 million internal climate-change migrants in sub-Saharan Africa. With cross-border climate induced migration also likely to increase, EU leaders must decide whether to confront the root causes of displacement or treat its symptoms by fortifying the bloc's borders — an undertaking that could prove more challenging and costly than decarbonization. Increasing its use of renewables would bolster EU energy security, reduce geopolitical risk, and stabilize its economy. Vanessa Nakate Failure to adopt the 2040 target would be a betrayal of the people and countries with the least influence and the most to lose. But I do not expect the bloc to choose between its own interests and those of the Global South, because this target benefits everyone. Cutting emissions by 90 percent by 2040 would save the EU more than €850 billion in fossil-fuel imports, eliminate its dependence on foreign gas supplies, and create two million new jobs in green industries. This is why many European businesses and investors support the target. It would also substantially reduce household energy bills and toxic air pollution, improving financial and human health across the continent. Maintaining an ambitious climate policy would also offer the EU an opportunity to rebuild trust with Global South governments, many of which have grown disillusioned with the Western liberal order after broken climate finance promises, foreign aid cuts, vaccine hoarding during the COVID-19 pandemic, and limited support for the newly operationalized loss and damage fund. African countries, in particular, are closely following the EU's actions, wondering whether years of lofty rhetoric about climate justice will finally translate into decisive action. The signs are not promising. France, despite playing a crucial role in the ratification of the 2015 Paris climate agreement, is now leading efforts to weaken the 2040 target. Instead of displaying climate vision and leadership when they are needed most, Emmanuel Macron's government has argued for 'outsourcing' up to 7 percent of the emissions reduction to non-EU countries by incorporating carbon credits into the target proposal. Such indifference has a high cost. If the EU fails to submit an ambitious plan, it risks undermining the global fight against climate change. Other countries may follow the bloc's example and water down their own commitments. The chance to set bold collective goals ahead of COP30 will be lost, and Europe's credibility, especially among climate-vulnerable countries, will take another hit. Climate justice cannot be postponed any longer. The EU's decision on the 2040 target will shape the outcome of COP30 and, by extension, the crucial next phase of climate action. The world is watching to see if Europe will take responsibility for its historic role in the climate crisis and invest in a safe and dignified future for everyone. Given a chance to draw a clear line between past and future — between cowardice and courage — the EU must make the right choice.