Malaysia has unveiled Phase 1 of the National Energy Transition Roadmap (NETR) which detailed 10 flagship catalyst projects and initiatives that could open up energy transition investment opportunities between RM435 billion to RM1.85 trillion by 2050.
For Phase 1 of NETR, Economic Minister Rafizi Ramli said the total committed investments were RM25 billion, estimated to create 23,000 high-impact, high-quality jobs, and reduce 10,000 gigagrams of carbon dioxide equivalent annually. The six key energy transition levers are energy efficiency, renewable energy, hydrogen, bioenergy, green mobility, and carbon capture, utilisation, and storage (CCUS).
In particular, a Memorandum of Understanding (MoU) has been signed between UEM Group Berhad, a wholly-owned subsidiary of Khazanah Nasional Berhad, and ITRAMAS Corporation Sdn. Bhd., for a one gigawatt Hybrid Solar Photovoltaic Power Plant, integrated with a Renewable Energy Industrial Park. The RM6 billion committed investments for this project
involved foreign investors from the largest economic blocs and its estimated installed capacity makes it the largest of its kind in Southeast Asia.
The Energy Transition Index 2023 by the World Economic Forum which ranks Malaysia as first in the region validates the country’s system performance and preparedness to win a share of the global investments into clean technology and products.
In a few weeks’, Rafizi said the government will complete the final piece of NETR in Phase 2 with comprehensive action plans and initiatives to spur investments and economic activities.
