Malaysia’s Energy Transition Roadmap (NETR) initiative will be expedited in order to position the nation as a regional leader in renewable energy (RE).
Malaysia’s Energy Transition Roadmap (NETR) initiative will be expedited in order to position the nation as a regional leader in renewable energy (RE).
In order to increase industry participation in the Government’s new direction of exploring new energy sources and influencing market demand, as well as to identify financial resources to fill the funding gap for such projects, this would include pilot flagship projects and NETR initiatives.
Prime Minister Anwar Ibrahim stated that the first phase of NETR will highlight 10 strategic and high-value flagship pilot projects as a measure to implement the National Energy Policy 2022–2040 with an anticipated investment worth RM25bn following a National Economic Action Council (MTEN) meeting on July 10, 2023.
Additionally predicted benefits include the creation of 23,000 high-quality jobs and a cumulative reduction in carbon dioxide equivalent emissions of more than 10,000 gigagrams.
The first phase of the NETR will launch on July 27, 2023, and the second phase will launch in August 2023.
PM Anwar wrote on Facebook: “As time goes on, MTEN will keep coming up with new strategies and plans to address the various issues that the national economy is facing, as well as to ensure that regular governance improvements and structural changes are made in order to maximise the potential of the economy as a whole.
“To ensure the welfare of Malaysia and its citizens, the government works to ensure that the nation reaches its goal of becoming a low-carbon nation by 2040, always advances in line with technological advancement, and satisfies the socioeconomic needs of the populace.”
The meeting also discussed creating legislation to address the “Ali Baba (rent-seeking) culture” in addition to the NETR initiative.
A culture like this, according to PM Anwar, has a detrimental effect on the economy in general; losses are estimated to be in the neighbourhood of 1% of GDP and involve things like licencing, quota and permit allocation, as well as the distribution of subsidies and grants.
As a result, Malaysia’s Ministry of Economy and Attorney General’s Department will research and develop appropriate legal policies and strategies to counteract rent-seeking activities, with the help of other Government Ministries and agencies, and present proposals to the Cabinet.