KUALA LUMPUR – Khazanah Nasional Bhd and Khazanah Research Institute (KRI), in collaboration with the World Economic Forum (WEF), supported by Accenture, today launched a community report titled ‘Mobilising Investments for Clean Energy in Malaysia’.
The report, part of WEF’s Mobilising Investment for Clean Energy in Emerging Economies initiative, highlights recommendations to enhance the regulatory and policy environment, as well as non-policy solutions to facilitate clean energy investments in Malaysia.
It was launched by Deputy Investment, Trade and Industry Minister Liew Chin Tong, with Deputy Secretary-General of Energy, Environment and Climate Change Datuk Mohamad Razif Abd Mubin, Khazanah managing director Datuk Amirul Feisal Wan Zahir, KRI chairman Tan Sri Nor Mohamed Yakcop, WEF managing director Jeremy Jurgens, Accenture global utilities strategy lead Miguel G. Torreira, and Khazanah head of Malaysian investments Datuk Amran Hafiz Affifudin.
“The clean energy agenda requires joint effort from all stakeholders – policymakers, industry players, academics and investors – with the common goal to drive the nation’s clean energy initiatives and attract more investments into Malaysia.
“Policy enhancement can work hand-in-hand with private-sector driven solutions to crowd-in investments into the four key focus areas identified in the community report.
“Further leveraging on the Asean Power Grid (APG) initiative, Malaysia is well positioned to become a regional clean energy hub in the region,” said Amirul.
The public-private working group identified four key focus areas for investment specifically for Malaysia, namely solar and storage, coal retirement projects, transmission and distribution, and carbon capture, utilisation and storage (CCUS), with an overarching aim to support the nation’s net-zero targets while accelerating the deployment of renewable energy (RE) and enabling progress of initiatives announced under various policies and the recent National Energy Transition Roadmap (NETR).
“Malaysia’s commitment to a clean energy transition and net zero future is commendable. We are excited to have worked with government, business, and civil society leaders to surface key policy and non-policy solutions that can help position the country as a destination of choice for clean energy capital. We hope that insights from this exercise can support additional energy transition efforts in Malaysia and the Asean region,” said Jurgens.
Non-policy solutions identified by the working group to accelerate financing for Malaysia’s clean energy sector were also discussed, including renewable energy zones (REZ), residential solar subscriptions, harnessing new pools of capital for clean energy and carbon capture, utilisation and storage (CCUS).
The REZ solution, presented in the community report, is one of 10 flagship catalyst projects announced under Phase 1 of NETR, which will be championed by Khazanah.
Khazanah’s wholly owned subsidiary, UEM Group, has also recently announced plans to develop a RE Industrial Park integrated with a 1GW hybrid solar photovoltaic power plant in Malaysia, which will see the participation of a local entity as well as foreign investors. – September 13, 2023