Malaysia Ranks SEA’s no. 1 in World Economic Forum’s Energy Transition Index

Malaysia has been recognised as the best country in Southeast Asia in the Energy Transition Index by the World Economic Forum recently.

The index takes into account system performance and the country’s readiness to switch to more environmentally friendly energy sources.

Economy Minister Rafizi Ramli, in a statement, said this achievement shows that Malaysia is on the right track for a fast, safe and affordable energy transition management. In addition, Malaysia also has various strategic advantages such as a strategic location, diverse renewable energy sources (RES) and a high level of skills to become a regional leader in the field of energy transition.”

Malaysia is expected to be able to seize the opportunity to attract global investment in the clean technology sector which has reached RM5 trillion in 2022. This value is expected to continue to increase in the coming years, he added.

On 27 July 2023, the Ministry of Economy will launch the National Energy Transition Roadmap (NETR) Phase 1 during the Invest Malaysia KL 2023 Special Series program organised by Bursa Malaysia in collaboration with CLSA and Maybank at the Grand Hyatt Hotel, Kuala Lumpur.

The launch of NETR Phase 1 is the starting point in efforts to mainstream the energy transition of the national development narrative.

NETR will announce the implementation of 10 flagship pilot projects that are expected to generate investment amounting to RM25 billion, the creation of 23,000 high-quality job opportunities and a reduction in carbon dioxide equivalent emissions of more than 10,000 gigagrams per year cumulatively.

NETR is a thorough follow-up to the current policy reform related to wind turbines by the Ministry of Economy and the Ministry of Natural Resources, Environment, and Climate Change, specifically the increase in the new target of wind turbine installed capacity from 40% in 2035 to 70% by 2050.

The higher target is expected to create new economic opportunities in addition to attracting multinational companies, especially RE100 to operate in Malaysia.

A total of RM637 billion investment is required for the increase of TBB until 2050 which includes TBB generation sources, grid infrastructure strengthening including parallel connection, energy storage system integration and grid network system operating costs.

The Ministry of Economy hopes that NETR can drive a strategic agenda to create new high-paying job opportunities, boost domestic and foreign investment participation, ensure the continuity of the country’s energy supply, and make Malaysia a regional leader in the clean energy industry in the long term, Rafizi added.

Source: Business Today

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