[UPDATED] Malaysia to raise renewable energy share to 35pct by 2030

New Straits Times

7 days ago

KUALA LUMPUR: Malaysia aims to increase its renewable energy mix to 35 per cent by 2030, up from the current 29 per cent, said Prime Minister Datuk Seri Anwar Ibrahim.
He said the transition to renewable energy would unlock wider investment and growth opportunities for energy industry players.
"For the first time, a more innovative electricity market system, based on the actual cost of power generation, including renewable energy, will be introduced," he said during the tabling of the 13th Malaysia Plan (13MP).
"This initiative will allow greater industry participation and promote healthier, more transparent competition," he said.
Anwar said the public will also be able to generate renewable energy under the open grid access model through the Community Renewable Energy Aggregation Mechanism (Cream).
He said this would empower communities to contribute to the national energy mix and benefit from clean energy solutions.
"Initiatives such as the National Energy Transition Facility Fund and the Corporate Renewable Energy Supply Programme will accelerate investment in green energy.
"The involvement of the private sector will further strengthen the entire value chain of the country's sustainable energy ecosystem," he said.
In line with the National Energy Transition Roadmap (NETR), Anwar said the development of Battery Energy Storage Systems (BESS), smart grids, and the interconnection project linking electricity supply from Sarawak to Peninsular Malaysia will enable more efficient renewable energy integration between regions.
"Additionally, the floating solar-hydro hybrid initiative and the green hydrogen hub in Kenyir will be expanded as models for integrated green energy," he said.
He added that the government is also considering nuclear energy as a clean, safe, and competitive energy source for the future.
"At the same time, the government will strengthen energy security by developing the country's third regasification terminal complex in Lumut, Perak."
Anwar said the government is also committed to accelerating the development of the rare earth elements (REE) industry in collaboration with state governments to strengthen the ecosystem and boost activities across the entire value chain.
"Priority is given to building local capacity in mining technology, refining, and separation through strategic international partnerships.
"REE resources will be prioritised for domestic use to support the development of midstream and downstream industries.
"These efforts will be backed by talent development, modern infrastructure, comprehensive incentives, and more accurate resource mapping," Anwar said.