Malaysia to allocate US$430 million for energy transition

WAM
30 Aug 2023, 19:09 GMT+10

KUALA LUMPUR, 30th August, 2023 (WAM/VNA) -- Malaysia will allocate 2 billion ringgit (US$430 million) to a National Energy Transition Facility to enable catalytic blended finance, Prime Minister Anwar Ibrahim announced on Tuesday.

Speaking at an event to launch the second phase of the National Energy Transition Roadmap, Anwar said the facility will enable catalytic blended finance to ensure a seamless flow of financial resources towards energy transition projects that are marginally bankable or yielding below-market returns.

Considering Malaysia's current state of immature decarbonisation technologies, the country's progress will significantly depend on alternative energy sources and robust regional and international collaboration, he stated.

As the paramount challenge in energy transition is financing, it is estimated that an investment of at least 1.2 trillion ringgit between 2023 and 2050 is needed to enable responsible energy transition, Anwar said.

He added that 60 billion-90 billion ringgit is needed to be allocated for crucial projects, including expanding public transportation, strengthening grid infrastructure, and reskilling human capital, in this decade alone.

The government will launch a major retrofit programme to enhance energy efficiency in government buildings, he added.

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