KUALA LUMPUR, Nov 19 (Bernama) -- Bursa Malaysia gave up earlier gains to end mixed today, amid a higher regional market showing, as property, construction, and healthcare counters attracted buying interests, while plantation, banking, and telecommunication stocks saw some profit-taking, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 1.70 points to close at 1,602.34 from yesterday’s close of 1,604.04. The benchmark index, which opened 0.86 of-a-point lower at 1,603.18, moved between 1,601.02 and 1,608.88 during the trading session. However, the broader market was mixed to higher, with gainers leading decliners by 565 to 438 while 502 counters remained unchanged, 961 untraded, and 14 suspended. Turnover narrowed to 2.83 billion units valued at RM2.08 billion versus 2.96 billion units valued at RM2.23 billion yesterday. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the benchmark index remained range-bound and it required a dec
Key Takeaway: A €350 million Global Shield fund, meant to support climate-hit nations, has delivered only €5.2 million in two years, raising doubts about developed nations' commitment to climate finance.
Countries vulnerable to climate disasters are facing years-long delays in accessing promised financial support. The Global Shield, launched in 2022 by the Group of Seven (G7) and led by Germany, was designed to ease the financial burden of climate crises but has so far disbursed a mere fraction of its allocated funds.
Progress and Challenges
- Disbursements: Only €5.2 million has been released, primarily for insurance premiums for Pacific Island nations and Ghana’s sovereign drought insurance.
- Complex Process: Countries like Pakistan and Madagascar face lengthy analyses and bureaucratic hurdles to unlock funds. Pakistan, devastated by extreme flooding in 2022, is still awaiting support nearly two years later.
- Broader Needs: Madagascar, frequently hit by cyclones, requires $773 million annually to build resilience, highlighting the inadequacy of insurance programs alone.
Global Climate Finance Under Scrutiny
At COP29 in Azerbaijan, developing nations are pushing for a renewed commitment to climate finance. The UN-backed loss and damage fund, which currently holds only $700 million, is being positioned as a faster alternative for immediate disaster relief.
Criticism of Developed Nations
- Limited Impact: Harjeet Singh of the Fossil Fuel Non-Proliferation Treaty Initiative noted that the Global Shield’s progress has been dismal, contrasting sharply with the optimistic promises made at its inception.
- Call for Action: “Developed nations must prioritize the UN’s loss and damage fund to provide swift support after disasters,” Singh emphasized.
Moving Forward
The Global Shield seeks to complement existing funds by:
- Covering insurance premiums for climate-related events.
- Funding early warning systems, disaster relief, and emergency management training.However, delays and limited disbursements have fueled skepticism about its efficacy.
Bottom Line: As climate disasters escalate, vulnerable nations urgently need faster, more accessible funding mechanisms. Without bold action from developed nations, the financial burden will continue to outpace available support, leaving the world’s poorest countries at risk.
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