National Energy Policy (NEP) 2022 – 2040 Launched Today As A New Narrative For Energy Transition

The National Energy Policy (NEP) 2022 – 2040 serves and underlying premise for the economic development of the country.

The NEP aims to improve economic resilience and ensure energy recovery while achieving equality and universal access as well as ensuring environmental sustainability. This includes energy-based hydrocarbons and renewable energy sources.

Speaking at the launch of the National Energy Policy (NEP) 2022 – 2040 today, Minister in the Prime Minister’s Department (Economy) Datuk Seri Mustapa Mohamed said the policy was drafted in line with optimisation efforts in respect of economic opportunities which run in parallel with the mega trend of energy transition which is rapidly growing.

The NEP is also concurrent with the management of the country’s energy sector which always takes into account the balance of the trilemma of energy sources, Mustapa said adding, “Balance in this energy trilemma is important because Malaysia now resides in the middle of a turbulent political and economic atmosphere.

“Therefore, we should put a sense of purpose and sense of urgency as a determinant or consideration of action, in terms of basic matters, planning and implementation.

The minister explained, among other things, the NEP is enacted for:

– Streamlining and harmonising various existing policies, some related to energy;

– Ensure a coordinated energy sector response and keeping in line with national aspirations and agendas;

– Create a long-term vision and response plan which is coordinated across various parties interested; and

– Provide the latest direction of the energy sector and forward-looking.

He said: “The government remains committed to ensure that the people are not burdened and the well-being of the Malaysian Family (Keluarga Malaysia) will continue to be maintained.

Ongoing measures to provide energy subsidies, such as for LPG and for petrol by the government allows some amount of burden to be lifted for the people so as they are not troubled by the increases in energy prices in the market, particularly with the impact of the Russia-Ukraine conflict.

Led by the Prime Minister’s Department’s Economic Planning Unit (EPU) as the main coordinator, the unit is in charge of drafting and monitoring the implementation of the entire NEP with the cooperation of  six other ministries, among them being the Ministry of Energy and Natural Resources (KeTSA) and the Ministry of International Trade and Industry (MITI).

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