PUTRAJAYA: The government has agreed to lift the ban on renewable energy exports to enhance the country's green economy policy, says Rafizi Ramli.
The Economy Minister said lifting the ban would benefit local renewable energy companies through cross-border exports.
ALSO READ: Calls for review of renewable energy policy
"The decision to lift the ban will benefit companies in Malaysia that are in the renewable energy business.
"Putrajaya will allocate RM50mil by the end of the year for the installation of solar panels in various government buildings and facilities," he told a joint press conference with Natural Resources, Environment and Climate Change Minister Nik Nazmi Nik Ahmad on Tuesday (May 9).
ALSO READ: Push to generate renewable energy sources
Rafizi added that the initiatives and incentives would be announced later by the Natural Resources Ministry.
Nik Nazmi said renewable energy will generate 70% of the nation's electricity supply by 2050.
He added that this expansion would allow for excess renewable energy generation, which will be traded with neighbouring countries.
He also said that increasing renewable capacity in the electricity supply system will necessitate a total investment of RM637bil by 2050.
"This will include investments in renewable energy generation sources, infrastructure strengthening, and operating costs for new grid system networks," he added.
The ban on renewable energy exports was implemented in October 2021 by the administration of former prime minister Datuk Seri Ismail Sabri Yaakob.