Selangor Journal
A view of solar panels by JTC and Sun Electric under their SolarRoof project in Singapore, on July 24, 2018. — Picture by REUTERS

Up to RM90 bln needed for critical energy projects in next decade

KUALA LUMPUR, April 16 — Malaysia requires an allocation of between RM60 billion to RM90 billion to fund critical projects involving energy transition over the next ten years, said Natural Resources and Environmental Sustainability Minister Nik Nazmi Nik Ahmad.

The requirements include expanding public transportation, strengthening grid infrastructure, and upskilling the workforce.

“A crucial component will be a robust and adaptable grid to handle the increasing reliance on renewable energy sources.

“The estimated cost for grid development is likewise substantial, reaching RM180 billion (US$38.6 billion) by 2050, to accommodate Malaysia’s clean energy ambitions,” he said.

Nazmi was speaking at the memorandum of understanding (MoU) signing ceremony between Bursa Malaysia and the United Kingdom (UK) government’s Mobilising Institutional Capital Through Listed Product Structures (MOBILIST) programme today.

The collaboration aims to enable greater investment to support the energy transition initiative and advance the United Nations’ Sustainable Development Goals (SDGs) in Malaysia.

According to the minister, the collaboration will be a catalyst for positive change, encouraging more green investments across the region.

“Our thanks also go to the UK government for its leadership in establishing this programme. This collaboration on sustainable finance builds on a strong foundation of collaboration between our countries, such as the existing MoU between the UK and Malaysia to jointly work towards addressing climate issues,” he said.

— Bernama

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