Malaysia has launched Phase 1 of the National Energy Transition Roadmap (NETR), highlighting 10 primary catalyst projects. These initiatives present potential energy transition investment avenues, with projections ranging from MYR 435 billion (USD 93 billion) to MYR 1.85 trillion (USD 296 billion) by 2050.
Economic Minister Rafizi Ramli highlighted that this phase has secured investments amounting to MYR 25 billion (USD 5.3 Billion), with the promise of creating 23,000 significant jobs and cutting 10,000 gigagrams of CO2 equivalent each year. The roadmap revolves around six pivotal elements: energy efficiency, renewable energy, hydrogen, bioenergy, green mobility, and carbon capture, utilisation, and storage (CCUS). The government will be unveiling the final segment of NETR in late 2023, encapsulating detailed action plans to foster investments and drive economic activities.
A noteworthy development within NETR Phase 1 is a Memorandum of Understanding (MoU) signed for the establishment of a Hybrid Solar Photovoltaic Power Plant, representing the largest installation of its kind in Southeast Asia. Local construction and engineering companies, UEM Group Berhad and ITRAMAS Corporation are partnering to create a one-gigawatt Hybrid Solar Photovoltaic Power Plant, synergized with a Renewable Energy Industrial Park with committed investments of MYR 6 billion (USD 1.29 billion).
(Sources: New Straits Times; Business Today)