Alternative energy, the way forward

Malaysia’s Progress Depends on Alternative Energy Sources and Collaboration

August 30, 2023

Introduction

Prime Minister Datuk Seri Anwar Ibrahim emphasized the significance of alternative energy sources and robust regional and international collaboration for Malaysia’s progress. To support this, a seed fund of RM2 billion has been allocated for the National Energy Transition Facility.

The Importance of Alternative Energy Sources

In his speech during the launch of the National Energy Transition Roadmap (NETR) Phase 2, Anwar highlighted the importance of alternative energy sources and collaboration in determining the country’s progress. He stated that financing is the paramount challenge in the energy transition, estimating that an investment of at least RM1.2 trillion between 2023 and 2050 is needed for a responsible energy transition. Within this decade alone, the government requires between RM60 billion and RM90 billion for crucial projects, including the expansion of public transportation, strengthening of grid infrastructure, and reskilling of human capital.

The National Energy Transition Facility

Anwar announced that the National Energy Transition Facility will enable catalytic blended finance to ensure a seamless flow of financial resources towards energy transition projects that are marginally bankable or yielding below-market returns. This includes investments in the electric vehicle (EV) value chain, hydrogen, and carbon capture, utilization, and storage (CCUS) technologies.

Holistic Energy Planning and Policy Development

To ensure holistic energy planning and policy development, Anwar revealed that the National Energy Council will be activated to monitor the progress of the NETR.

Renewable Energy Goals

In May, the government set a target to achieve 70% renewable energy installed capacity by 2050 and lifted the ban on cross-border trade in renewable energy. Anwar announced the establishment and launch of a renewable energy exchange next year, which will act as a market aggregator for price discovery and monetizing excess power.

Malaysia’s Recognition of Renewable Energy

Anwar acknowledged Malaysia’s recognition of the importance of renewable energy (RE) sources. In the early 1990s, RE was named the fifth fuel under the National Energy Policy. Currently, Malaysia’s RE supply stands at 25%, and the country aims to source 31% of its power capacity from renewables by 2025 and 40% by 2040.

Addressing Climate Change

Anwar highlighted that electricity and heat generation from burning fossil fuels emit a significant amount of greenhouse gases, contributing to climate change. He emphasized the vast opportunities that come with clean energy transitions, including investment opportunities in green growth across the supply chain.

The Role of NETR

Anwar stated that the NETR will provide policy clarity in shaping Malaysia as a leader in energy transition among Asian economies.

SDGs, Targets, and Indicators in the Article

1. SDGs Addressed or Connected to the Issues Highlighted in the Article:

• SDG 7: Affordable and Clean Energy
• SDG 9: Industry, Innovation, and Infrastructure
• SDG 11: Sustainable Cities and Communities
• SDG 13: Climate Action
• SDG 17: Partnerships for the Goals

2. Specific Targets Under Those SDGs Based on the Article’s Content:

• SDG 7.2: Increase substantially the share of renewable energy in the global energy mix
• SDG 9.1: Develop quality, reliable, sustainable, and resilient infrastructure
• SDG 9.4: Upgrade infrastructure and retrofit industries to make them sustainable
• SDG 11.6: Reduce the adverse per capita environmental impact of cities
• SDG 13.2: Integrate climate change measures into national policies, strategies, and planning
• SDG 17.6: Enhance North-South, South-South, and triangular regional and international cooperation on and access to science, technology, and innovation

3. Indicators Mentioned or Implied in the Article to Measure Progress towards the Identified Targets:

• Percentage of renewable energy installed capacity
• Investment amount in energy transition projects
• Allocation of funds for crucial projects (e.g., public transportation expansion, grid infrastructure strengthening, human capital reskilling)
• Establishment of a renewable energy exchange
• Reduction in greenhouse gas emissions from the energy sector
• Policy clarity and leadership in energy transition

Table: SDGs, Targets, and Indicators

Behold! This splendid article springs forth from the wellspring of knowledge, shaped by a wondrous proprietary AI technology that delved into a vast ocean of data, illuminating the path towards the Sustainable Development Goals. Remember that all rights are reserved by SDG Investors LLC, empowering us to champion progress together.

Source: asianews.network

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