“At the World Urban Forum, Malaysia’s Housing Minister urges global 4P partnerships for sustainable cities and ESG-driven investments.“
Kuala Lumpur, 06th Nov 2024, 04.13pm – In a powerful call for international collaboration, Housing and Local Government Minister Nga Kor Ming urged global stakeholders to embrace people-public-private (4P) partnerships for creating sustainable cities and communities. Speaking at the 12th World Urban Forum Business Assembly in Cairo, Egypt, Nga emphasized that private sector involvement is essential to improve urban living standards.
“Seventy percent of global wealth resides within the private sector. Without its commitment, urbanization cannot be sustainable,” Nga said during his keynote address, stressing that good governance is critical to ensuring transparency in 4P initiatives.
To foster meaningful partnerships, Nga recommended that countries develop comprehensive national physical plans that outline potential co-investment opportunities for private entities. He also called on international institutions to adopt environmental, social, and governance (ESG) metrics as a foundation for financing urban projects.
“I urge multilateral financial institutions to provide funding and grants to enable private sector participation in achieving the Sustainable Development Goals (SDGs),” he added.
Humanity at the Core of Urban Planning
Nga highlighted that Malaysia’s approach to urban development, aligned with the Madani aspirations, places human values at its core. “Home is where the heart is, where values are nurtured, and dreams take root,” he said, reiterating Malaysia’s commitment to creating urban areas that embody national values of diversity, creativity, and resilience.
Currently, 76% of Malaysians live in urban areas, a figure expected to reach 80% by 2030. To address this rapid urbanization, Nga outlined the government’s efforts in climate-resilient urban planning, green building practices, and affordable housing policies.
Showcasing Malaysia’s Vision on the World Stage
The 12th World Urban Forum, a United Nations initiative, gathered over 28,000 participants, including representatives from 84 countries, four heads of state, and 1,359 city mayors or officials. Nga also inaugurated the Malaysia pavilion, showcasing Malaysia’s commitment to sustainable urban development and its Madani Humanity Values framework.
Through initiatives like the People’s Residency Programme, Malaysia is working to ensure that all citizens have access to affordable, high-quality housing, regardless of background or income. The Malaysia pavilion features 21 exhibitors, including the Selangor state government, local authorities, private sector representatives, and universities, providing a platform to share Malaysia’s vision for sustainable cities with an international audience.
