Securities Commission chairman Datuk Mohammad Faiz Azmi.
PETALING JAYA: The capital market in Malaysia must be ready to facilitate fund raising and investments to support the government’s priorities in achieving its sustainability and climate goals, says Securities Commission chairman Datuk Mohammad Faiz Azmi.
He said to achieve Malaysia’s energy transition goals, the country requires RM1.3 trillion between now and 2050.
This is following the country’s commitment to achieve net-zero carbon emissions by 2050 as outlined in the 12th Malaysia Plan and its aim to reduce 45% carbon intensity against gross domestic product by 2030.
“The latest report from the International Energy Agency’s World Energy Investment 2024 published this month stated that most countries in South-East Asia now have ambitious long-term clean energy goals, adding however that investments are not yet on track.
“There are significant gaps between investment trends and the region’s long-term goals,” Mohammad Faiz said in his opening address at the Securities Industry Development Corp’s Sustainable and Responsible Investment Conference 2024.
Natural Resources and Environmental Sustainability Minister Nik Nazmi Nik Ahmad, who was present at the conference, said the government has reaffirmed its commitment to net-zero emission by 2050.
He said the government will also increase the share of renewable energy in installed power capacity from 25% to 70%.
Nik Nazmi said this is in line with the National Energy Transition Roadmap (NETR), which established the pathway for the nation’s energy mix, greenhouse gas emissions reduction and energy transition initiatives.
“Achieving Malaysia’s net-zero targets requires careful balancing of an energy trilemma to ensure sustainable, secure and affordable energy for the future,” he added.
He said the establishment of the National Decarbonisation Committee will ensure the country’s transition to low-carbon development is orderly and inclusive.
“The National Climate Change Action Council (MTPIN) also agreed that there should be a speeding up of various policies such as the NETR as well as the New Industrial Master Plan 2030 and the Hydrogen Economy and Technology Roadmap.
“We will also expedite new policies like the national Climate Change Bill while the MTPIN has agreed to approve the National Climate Change Policy 2.0, which shall complement other initiatives like the National Adaptation Plan and the National Carbon Market Policy.”
