KUALA LUMPUR: Two roadmaps on energy transition and the hydrogen economy will be introduced by the second half of this year to ensure Malaysia achieves long-term energy security that is environmentally sustainable, says the Prime Minister.
Datuk Seri Anwar Ibrahim said despite various global challenges, Malaysia was determined to reduce greenhouse emissions while ensuring that it is ready for the growth of the low-carbon economy.
The two roadmaps are the National Energy Transition Roadmap (NETR) and the Hydrogen Economy and Technology Roadmap (HETR).
The NETR, said Anwar, would outline the overarching strategy and high-impact initiatives to expedite energy transition efforts.
“The NETR will be complemented by the Hydrogen and Economy and Technology Roadmap, which will pave the way for the achievement of environmentally-sustainable long-term energy security in Malaysia, driven by technological innovation,” he said when launching Energy Asia 2023 at the Kuala Lumpur Convention Centre here yesterday.
Among those present at the launch were Petroliam Nasional Bhd (PETRONAS) president and group chief executive officer (CEO) Tan Sri Tengku Muhammad Taufik Tengku Aziz and S&P Global vice chairman Daniel Yergin.
He said developing economies in Asean faced higher capital costs for clean energy projects due to the perception of a higher macroeconomic risk and the absence of deep capital markets.
“Achieving the climate goal for the region will require significant traction in clean energy investments.
“These are areas where stronger collaboration – between the region and the rest of the world, between industries and sectors – is absolutely necessary to realise crucial energy and climate ambitions,” he added.
Hear me out: Anwar with Saudi Aramco president Amin H. Nasser (second right) and Organisation of the Petroleum Exporting Countries (OPEC) secretary general H.E. Haitham Al Ghais (right) visiting the Saudi Aramco booth at the Energy Asia event at the Kuala Lumpur Convention Centre. — IZZRAFIQ ALIAS/The Star
Anwar said Malaysia had revised its Nationally Determined Contribution (NDC) to reduce the intensity of greenhouse gas emissions by 45% by 2030 compared with 2005 levels.
Efforts on achieving NDC targets had been incorporated in the 12th Malaysia Plan and the National Economic Policy 2022-2040 (NEP 2040), he said.
“This policy document strategically charts the way forward and outlines key priorities for the energy sector in the coming years.
“It positions the energy sector as a key catalyst for socioeconomic development and its progressive Low Carbon Nation Aspiration will ensure that the Malaysian economy is able to capitalise on opportunities arising from the energy transition to remain resilient and sustainable,” he said.
Anwar said Malaysia was also set to position itself at the centre of Asean electricity interconnection and integration to facilitate the sharing of renewable energy resources, encourage investment and promote sustainable development.
“Malaysia, with its strategic central location, is committed to strengthening interconnection and collaboration with neighbouring countries for this purpose.
“Investors and financiers will risk losing out in not turning towards Asia, which is endowed with vast amounts of natural resources, potential renewable energy and a growing population that is not averse to co-innovation and is increasingly appreciative of a green economy,” he added.
Anwar said natural gas, which is one of the cleanest burning hydrocarbons, would remain at the core of Malaysia’s energy mix in its transition towards a low-carbon economy.
“Malaysia continues to see natural gas as playing an important role in the energy mix – and as one of the cleanest burning hydrocarbons – to transition towards a lower carbon economy,” he said.Held at the KL Convention Centre, Energy Asia 2023 – themed “Charting Pathways for a Sustainable Asia” – began yesterday and ends tomorrow.
