Page 120 - SC SCAR 2023 ENGLISH Flipbook
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 28th United Nations Climate Change Conference of the Parties
The 28th United Nations Climate Change Conference of the Parties (COP28) was held in Dubai, United Arab Emirates (UAE) from 30 November to 12 December 2023. The SC, as part of Malaysia’s delegation, provided support to the MOF in the COP negotiations and shared the SC’s perspective in accelerating efforts to facilitate Islamic sustainable finance through various speaking engagements. Together with CMM, the SC also supported side events at the Malaysia Pavilion, which was the main and centralised platform that promoted Malaysia’s climate change adaptation and mitigation actions, alongside initiatives of Malaysian businesses.
Several panel sessions were held at the Malaysia Pavilion with the SC’s active participation including a panel discussion on ‘ESG Investing: Building an ESG-Aligned Portfolio in Malaysia’ where the panel delved into the vast opportunities for investors to contribute to Malaysia’s green economy through ESG investments. The SC also participated in a panel discussion on ‘Leveraging Islamic Finance for Sustainability’, which discussed the dynamic interplay of Islamic finance and its integration with modern mechanisms to mitigate future climate risks.
In a panel discussion on ‘Advancing a Just Energy Transition Towards a Net Zero Future’, the SC emphasised the pivotal role of the capital market in financing Malaysia’s energy transition. The discussion underscored the importance of a ‘whole of nation approach’ in alignment with Malaysia’s NETR. Following the announcement of the Global Islamic Finance Program (GIFP) for Climate, Nature and Development’s newly formed Advisory Committee at COP28, of which the SC is one of the fund’s Advisory Committee member, the SC participated in a panel discussion on ‘Mobilising Islamic Finance for Climate & Nature’.
The session, hosted at the UAE Pavilion, the session emphasised the pivotal role of Islamic Finance in catalysing blended finance for the Global South, tackling challenges and seizing opportunities for sustainable investments in climate and nature initiatives. The session also highlighted the establishment of the GIFP as a key initiative to drive this agenda further.
Similarly, the GIFP was also emphasised in another panel session participated by the SC at the Malaysia Pavilion, titled ‘Advancing Climate Adaptation and Resilience through Islamic Sustainable Finance in the MENA and Asia Pacific Regions’. Discussions centered around the GIFP and the panelists deliberated on actionable strategies for climate financing, providing practical insights to address evolving challenges in these regions.

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