KUALA LUMPUR – A renewable energy exchange is set to be implemented before the end of the year, said Prime Minister Datuk Seri Anwar Ibrahim.
He said this came after the government set out an “ambitious target” to achieve 70% renewable energy (RE) installed capacity by 2050 and lifted the ban on cross-border trade in RE in May this year.
“A renewable energy exchange will be established – originally (at) end of the year, but (Economy Minister Rafizi Ramli) insisted it should be earlier. I’m with him on this.
“I spoke to (Natural Resources, Environment, and Climate Change Minister) Nik Nazmi Nik Ahmad to accelerate the process because we cannot be left behind, and to fasten the pace is a reasonable proposition.
“That will act as a market aggregator that will enable price discovery and monetise excess power,” he said while launching the National Energy Transition Roadmap’s (NETR) second phase at the Kuala Lumpur Convention Centre here today.
Anwar, who is also finance minister, said an investment of at least RM1.2 trillion will be needed between 2023 and 2050 to enable a responsible energy transition.
As such, he said the government would require between RM60 billion and RM90 billion to be allocated for crucial projects, such as the expansion of public transportation, strengthening grid infrastructure, and human capital reskilling.
Meanwhile, he said the NETR will accelerate and navigate the nation’s energy transition measures on a larger scale.
He added that it will ensure success when shifting from a traditional fossil fuel-based economy to a high-value green, and sustainable economy.
“The primary goal is to change the way energy is generated in Malaysia by accelerating the energy transition. This can resolve the climate change crisis.
“With the implementation of initiatives under the NETR, Malaysia is set to be at the forefront of becoming a regional leader in the energy transition and (renewable energy) industry.” – August 29, 2023