Malaysia to allocate 430 million USD for energy transition
Malaysia will allocate 2 billion ringgit (430 million USD) to a National Energy Transition Facility to enable catalytic blended finance, Prime Minister Anwar Ibrahim announced on August 29.
Malaysian Prime Minister Anwar Ibrahim (Source: voi.id)
Kuala Lumpur (VNA) - Malaysia will allocate 2billion ringgit (430 million USD) to a National Energy Transition Facility toenable catalytic blended finance, Prime Minister Anwar Ibrahim announced onAugust 29.
Speaking at an event to launch the second phase of theNational Energy Transition Roadmap, Anwar said the facility will enablecatalytic blended finance to ensure a seamless flow of financial resourcestowards energy transition projects that are marginally bankable or yieldingbelow-market returns.
Considering Malaysia's current state of immature decarbonisationtechnologies, the country's progress will significantly depend on alternativeenergy sources and robust regional and international collaboration, he stated.
As the paramount challenge in energy transition isfinancing, it is estimated that an investment of at least 1.2 trillion ringgitbetween 2023 and 2050 is needed to enable responsible energy transition, Anwarsaid.
He added that 60 billion-90 billion ringgit is needed to beallocated for crucial projects, including the expansion of publictransportation, strengthening grid infrastructure, and reskilling of humancapital, in this decade alone.
The government will launch a major retrofit programme toenhance energy efficiency in government buildings, he added./.
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Digital economy is considered as one of Malaysia’s most important economic foundations, which will contribute 25.5% to the gross domestic product (GDP) of the country by 2025 or more than 382 billion RM (82 billion USD) compared with 23.2% or 348 billion RM in 2021, according to the Horizon - Digital Economy Publication report published recently by Malaysia Digital Economic Corporation (MDEC).
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Malaysian Prime Minister Anwar Ibrahim (Source: voi.id) 
