Malaysia aims to draw in nearly 70 billion USD of green investment by 2030
Malaysia is targeting to attract up to 300 billion MYR (nearly 70 billion USD) of green investment by 2030, said the Ministry of Investment, Trade and Industry (MITI) on August 19.
Malaysia's Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz (Photo: VNA)
Kuala Lumpur (VNA)☂ – Malaysia is targeting to attract up to 300 billion MYR (nearly 70 billion USD) of green investment by 2030, said the Ministry of Investment, Trade and Industry (MITI) on August 19.
The target might appear “aggressive” considering that Malaysia managed to only attract investments worth about 40 billion MYR from 2017 to 2023 into the sector, said MITI Minister Tengku Datuk Seri Zafrul Abdul Aziz. However, the investments are necessary for the country’s sustainable future, he noted.
He stressed that it is important to achieve the investment of 300 billion MYR by 2030, so that the country can get to net zero by 2050.
Meanwhile, the minister noted that most of the country’s green investment was contributed by the renewable energy (RE) and electrical vehicle (EV) sectors.
He added that RE accounted for about 60% of green investment up to 2019, while EVs contributed 58% from 2020 to 2023.
According to Zafrul, this goal will also help the Southeast Asian nation achieve net-zero carbon emissions by 2050 under the National Energy Transition Roadmap (NETR) and the new 2030 Industrial Master Plan.
He hoped that Malaysia's Ministry of Finance will approve the incentives proposed by MITI in the 2025 budget to support companies in their transition to green energy. MITI also hopes that local companies, as well as small and medium-sized enterprises, will benefit from these incentives for the transition process./.
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