Latest news with #AseanTaxonomyforSustainableFinance
The Star
29-05-2025
- Business
- The Star
Asean green initiatives can generate additional RM300bil by 2030, says Tengku Zafrul
KUALA LUMPUR: Asean could generate an additional US$300bil (RM1.27 trillion) annually in green revenues and unlock up to US$1.5 trillion (RM6.26 trillion) in new value by 2030 with advancing green investments and cross-border collaboration in regional power grids, carbon markets, and clean energy incentives, says Tengku Datuk Seri Zafrul Aziz. The Investment, Trade and Industry Minister said Malaysia's green investment strategy has delivered close to 1,000 approved projects in 2024, channelling RM20.8bil into the economy and creating thousands of future-ready jobs. "We are pushing for key frameworks and regulatory provisions to put our green ambition into action. "These include the Asean Taxonomy for Sustainable Finance, Sustainable Investment Guidelines, and the Greening Value Chain Playbook," he said in his keynote address at the Asean Business Forum 2025 here Thursday (May 29). His speech was delivered by Malaysian Investment Development Authority (MIDA) chief executive officer Sikh Shamsul Ibrahim Sikh Abdul Majid. Tengku Zafrul said there is also the Asean strategy for carbon neutrality, with initiatives such as harmonising carbon markets and measurement standards; advancing carbon capture, utilisation, and storage (CCS/CCUS) technologies; and creating a just transition framework for workers and communities. He said this facilitates the corporate sector's pivot toward sustainable, climate-friendly growth. "Perhaps, the most transformative is the Asean power grid (APG). With 18 cross-border power projects in the pipeline and over 60 renewable energy sites identified, the APG stands as a flagship for Asean's sustainable energy transition," he said. Quoting studies, he said the APG could add up to US$3 trillion (RM12.7 trillion) in gross domestic product (GDP) value by 2050 and create 1.45 million jobs regionally. The APG's success would rely on strategic funding from banks like the Asian Development Bank (ADB) and the World Bank, ensuring Asean centrality and regional autonomy. Aside from that, Tengku Zafrul said the Asean Digital Economy Framework Agreement (DEFA), now in advanced negotiations, aims to double Asean's digital economy to US$2 trillion (RM8.48 trillion) by 2030, connecting ecommerce, financial technology (fintech), digital finance, and artificial intelligence (AI)-enabled solutions across borders. In 2024, he noted that Asean's digital sector saw profits triple to US$11bill (RM46,7bil) and attracted over US$30bil (RM127.3bil) in new data centre investments. "This surge is being fuelled by our youthful population, rapid urbanisation, and robust public-private partnerships. "For example, unlocking the potential of our 334 million women, roughly half of Asean's population, could add up to US$2.3 trillion (RM9.76 trillion) to regional GDP," he added. - Bernama
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New Straits Times
29-05-2025
- Business
- New Straits Times
[UPDATED] Asean green initiatives can generate additional US$300bil by 2030: Tengku Zafrul
KUALA LUMPUR: Asean could generate an additional US$300 billion annually in green revenues and unlock up to US$1.5 trillion in new value by 2030 with advancing green investments and cross-border collaboration in regional power grids, carbon markets, and clean energy incentives (US$1=RM4.23). Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Aziz said Malaysia's green investment strategy has delivered close to 1,000 approved projects in 2024, channelling RM20.8 billion into the economy and creating thousands of future-ready jobs. "We are pushing for key frameworks and regulatory provisions to put our green ambition into action. "These include the Asean Taxonomy for Sustainable Finance, Sustainable Investment Guidelines, and the Greening Value Chain Playbook," he said in his keynote address at the Asean Business Forum 2025 here today. His speech was delivered by Malaysian Investment Development Authority (MIDA) chief executive officer Sikh Shamsul Ibrahim Sikh Abdul Majid. Tengku Zafrul said there is also the Asean strategy for carbon neutrality, with initiatives such as harmonising carbon markets and measurement standards; advancing carbon capture, utilisation, and storage (CCS/CCUS) technologies; and creating a just transition framework for workers and communities. He said this facilitates the corporate sector's pivot toward sustainable, climate-friendly growth. "Perhaps, the most transformative is the Asean power grid (APG). With 18 cross-border power projects in the pipeline and over 60 renewable energy sites identified, the APG stands as a flagship for Asean's sustainable energy transition," he said. Quoting studies, he said the APG could add up to US$3 trillion in gross domestic product (GDP) value by 2050 and create 1.45 million jobs regionally. The APG's success would rely on strategic funding from banks like the Asian Development Bank (ADB) and the World Bank, ensuring Asean centrality and regional autonomy. Aside from that, Tengku Zafrul said the Asean Digital Economy Framework Agreement (DEFA), now in advanced negotiations, aims to double Asean's digital economy to US$2 trillion by 2030, connecting ecommerce, financial technology (fintech), digital finance, and artificial intelligence (AI)-enabled solutions across borders. In 2024, he noted that Asean's digital sector saw profits triple to US$11 billion and attracted over US$30 billion in new data centre investments. "This surge is being fuelled by our youthful population, rapid urbanisation, and robust public-private partnerships. "For example, unlocking the potential of our 334 million women, roughly half of Asean's population, could add up to US$2.3 trillion to regional GDP," he added.
New Straits Times
29-05-2025
- Business
- New Straits Times
Asean green initiatives can generate additional US$300bil by 2030: Tengku Zafrul
KUALA LUMPUR: Asean could generate an additional US$300 billion annually in green revenues and unlock up to US$1.5 trillion in new value by 2030 with advancing green investments and cross-border collaboration in regional power grids, carbon markets, and clean energy incentives (US$1=RM4.23). Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Aziz said Malaysia's green investment strategy has delivered close to 1,000 approved projects in 2024, channelling RM20.8 billion into the economy and creating thousands of future-ready jobs. "We are pushing for key frameworks and regulatory provisions to put our green ambition into action. "These include the Asean Taxonomy for Sustainable Finance, Sustainable Investment Guidelines, and the Greening Value Chain Playbook," he said in his keynote address at the ASEAN Business Forum 2025 here today. His speech was delivered by Malaysian Investment Development Authority (MIDA) chief executive officer Sikh Shamsul Ibrahim Sikh Abdul Majid.
The Star
09-05-2025
- Business
- The Star
Malaysia pushes for collective Asean effort on green energy financing at Indonesian forum
JAKARTA (Bernama): Malaysia has called on Asean member states to take bold, collective action to close the financing gap in the region's clean energy transition, emphasising the need for trillions of dollars to avoid jeopardising climate and development goals. Speaking at a regional energy forum here on Friday, Malaysia's Permanent Representative to Asean, Datin Sarah Al Bakri Devadason, stressed the urgency of moving away from fossil fuels while ensuring environmental and social inclusivity. "Access to clean, affordable, and reliable energy is not merely about powering homes or industries. It is about protecting the environment and the rights of future generations,' she said. Citing the Asean Centre for Energy (ACE), she said regional energy demand could rise by over 60 per cent by 2040, and warned that relying on conventional sources risks derailing climate goals. According to Sarah, Asean has committed to increasing the share of renewable energy to 23 per cent of total primary energy supply by 2025. However, a study by the International Renewable Energy Agency (IRENA) estimated that Asean will need around US$29.4 trillion by 2050 to fully transition to renewables and most of which remains unfunded, she noted. She also highlighted the AseanTaxonomy for Sustainable Finance (ATSF), updated in March 2024, as a key tool for attracting sustainable investment. The taxonomy is the first in the world to classify energy transition funding through both green and amber categories. Sarah reaffirmed Malaysia's commitment, as Asean Chair, to advance cross-sector collaboration and innovative financing to drive inclusive and sustainable energy transformation. "Together, we can build an Asean that is not only economically resilient, but also environmentally responsible and socially inclusive,' she concluded. The event, co-organised with ACE, was attended by representatives from Asean member states, the diplomatic corps, financial institutions, civil society, and industry experts. - Bernama
