Minister of Economy Rafizi Ramli announced today (March 6) that Malaysia has officially joined the Asia Zero Emission Community (AZEC), which is an energy bloc consisting of Japan, Australia, and ASEAN countries except Myanmar.
AZEC is a new initiative to drive energy transition from hydrocarbon sources to clean energy sources and renewable energy (TBB) as well as the aspiration of net zero greenhouse gas emissions (GHG) which is more significant. The current AZEC concept is more focused on cooperation and has no binding legal instrument.
“Malaysia’s target — to switch from existing energy to green energy — is a strategic agenda capable of creating new high-value jobs, in addition to fulfilling our global responsibility to reduce gas emissions glass house (GHG). The need to comply with global green standards is increasing and Malaysian industries must meet green requirements and standards to remain competitive as a trading nation,” said Razizi in a note today.
Rafizi led a Malaysian delegation to the AZEC Ministerial Meeting on March 4, 2023 in Tokyo, Japan consisting of ministry officials’ as well as those from the Ministry of Foreign Affairs, PETRONAS and MIDA.
The cooperation forged through AZEC is able to open up opportunities for Malaysia to accelerate technology transfer and green financing so that it can be used by every layer of society.
He added the Ministry of Economy will finalise the Energy Transition Roadmap to translate the National Energy Policy into energy transition projects which will be led by large, medium-sized and small companies alike.
The Ministry hopes to submit this Plan within 3 months.
