Malaysia is lifting its ban on the trade of renewable energy and ramping up its efforts to transform the nation into one that is more environmentally friendly and energy-efficient.
Malaysia is lifting its ban on the trade of renewable energy and ramping up its efforts to transform the nation into one that is more environmentally friendly and energy-efficient.
The ban, which was implemented a year and a half ago, according to Economic Affairs Minister Rafizi Ramli, has restricted local job opportunities and economic opportunities that could have aided in the expansion of small businesses.
He continued by saying that it was time to figure out how to make Malaysia less dependent on fossil fuels and more energy-efficient.
“The Cabinet decided to increase the use of renewable energy sources, use a self-contained system to track investments, increase industry investment with the corporate sector, install solar panels on all public buildings, and create a system for exchanging energy across international borders. ”
These actions will lower our electricity costs and help increase foreign investment, he said at a press conference held here with Minister of Natural Resources, Environment, and Climate Change Nik Nazmi Nik Ahmad. In a Cabinet meeting on May 3, both ministries brought up the matter, according to Rafizi.
“As for our government buildings, we’re planning to spend about RM50 million on solar panel installation. This will also greatly assist us in reducing our energy costs,” he continued.
In order to ensure that Malaysia has reliable infrastructure, reliable power grids, and a good energy storage system that will all be seamlessly integrated, Rafizi said the government will need an estimated RM637 billion until 2050. This will save more money, he claimed.
Nik Nazmi expressed his desire for Malaysia’s renewable energy supply to reach 70% by 2050. “The development of renewable energy capacity will speed up the creation of the Asean Power Grid by enabling the exchange of surplus energy generation capacity with regional neighbours across borders using a mechanism that will be decided by the government. ”
The projected growth in renewable energy capacity is consistent with the National Power Development Plan’s pathway for a low-carbon energy system, according to the Malaysia Energy Transition Outlook report, he said.
When Tan Sri Muhyiddin Yassin was the government’s leader and Datuk Seri Takiyuddin Hassan served as the ministry’s minister of energy and natural resources, the export of renewable energy was outlawed in October 2021.
Yeo Bee Yin, a Bakri MP and a former minister of energy, science, technology, environment, and climate change, has criticised the ban and claimed that it prevents Malaysia from attracting investments and creating jobs in the green sector.
She asserted that Malaysia ought to seize the chances presented by other nations’ efforts to transition to cleaner energy, like Singapore’s recent announcement that it would import up to four gigawatts of low-carbon renewable energy by 2035.