Malaysia has been acclaimed as the leading nation in South-east Asia for energy transition, according to the latest Energy Transition Index published by the World Economic Forum (WEF). The index assesses not only the system performance but also the preparedness of a nation to adopt more eco-friendly energy solutions.
Economy Minister Rafizi Ramli sees this recognition as confirmation that Malaysia is steering a speedy, secure, and cost-effective energy transition. He outlined how the country’s strategic location, array of renewable energy sources (RES), and considerable expertise prime it to be a regional pacesetter in energy transition.
Anticipations run high as Minister Ramli believes Malaysia is poised to draw significant global investments in the burgeoning clean technology sector. With the sector’s value reaching RM5 trillion in 2022, he projects further growth in the years ahead.
In an effort to amplify the nation’s energy transition narrative, the Economy Ministry plans to unveil the National Energy Transition Roadmap (NETR) Phase 1 on July 27, 2023. This initiative will take place during the Invest Malaysia KL 2023 Special Series programme, a collaborative effort by Bursa Malaysia, CLSA, and Maybank in Kuala Lumpur.
NETR Phase 1 marks the commencement of ten flagship pilot projects set to generate RM25 billion in investments. These projects will not only yield 23,000 high-quality job opportunities but also reduce carbon dioxide emissions by over 10,000 gigagrammes annually.
This comprehensive roadmap aligns with the Economy Ministry and the Natural Resources, Environment and Climate Change Ministry’s ongoing policy reforms. Notably, they’ve raised the renewable energy installed capacity target from 40% by 2035 to an ambitious 70% by 2050.
Long-term, the Economy Ministry envisions NETR propelling Malaysia into a regional leadership position in the clean energy sector, catalyzing job growth, boosting domestic and foreign investment, and ensuring energy supply continuity.
This report is based on an article from malaymail.com.
