Latest news with #DrivingtheGreenEnergyTransition
The Sun
2 days ago
- Business
- The Sun
Senior govt, financial leaders pledge deeper collaboration to accelerate Malaysia's energy transition
KUALA LUMPUR: Malaysia's push for a low‑carbon future gained new momentum yesterday as senior government and financial leaders pledged deeper collaboration to accelerate energy transition. This pledge came about when Deputy Prime Minister and Energy Transition and Water Transformation Minister Datuk Seri Fadillah Yusof reaffirmed the government's commitment to build a resilient, affordable and inclusive energy system 'Our energy transition must be people‑centred, regionally aligned and grounded in realism,' Fadillah said in his keynote address at MBSB Group's Ministerial Luncheon Talk on 'Driving the Green Energy Transition' today. 'We are not chasing ideals, we are shaping outcomes,' he emphasised. He stressed that the transition is not merely about technology but about trust, empowerment and safeguarding livelihoods. Fadillah disclosed that as of July, renewable energy accounted for 31% of Malaysia's electricity mix, led by solar capacity exceeding 4,200MW. The country, he said, was on track to achieve 40% by 2035 and 70% by 2050 under the National Energy Transition Roadmap (NETR). As Asean chair this year, Malaysia will spearhead efforts to expand the Asean Power Grid and cross‑border renewable energy trading. The Energy Exchange Malaysia, launched last year, enabled the first exports of renewable energy to Singapore. Later, speaking at a press conference, Fadillah confirmed upcoming reforms to the Net Energy Metering Scheme, which currently allows solar users to sell excess power back to the grid. 'People who don't have solar panels still pay the full tariff, so we must revisit the system to make it more equitable,' he said. Two mechanisms are being introduced: Selco, which promotes self‑consumption of solar energy with optional battery storage and KRIM, which allows communities within a 5km radius to jointly use and manage renewable energy resources. 'This is about democratising energy,' Fadillah said, adding that communities can govern their own usage, and not just individuals anymore. On future energy sources, he said nuclear power remained under study, with no decision expected until after 2030. 'Safety, social well‑being and environmental concerns must all be evaluated thoroughly. It's too early to say whether we will use it or not.' Large‑scale solar development remains a central pillar of Malaysia's renewable push. The recently concluded LSS Petra 5+ programme will add 2GW of solar capacity by 2027, but any subsequent LSS6 round will hinge on actual consumption data rather than projected demand, particularly from data centres. Fadillah called on financial institutions to scale up investments in green infrastructure and support SMEs in decarbonising supply chains, highlighting Malaysia's global leadership in Islamic sustainable finance. 'Transitioning to a clean economy isn't a cost, it's an investment,' he said, noting that Malaysia requires US$143 billion in financing by 2050 to meet its transition goals. Meanwhile, MBSB Group chairman Datuk Wan Kamaruzaman Wan Ahmad said sustainability is 'not a standalone initiative' but embedded at the core of the group's corporate strategy. 'These are not slogans. We are financing Malaysia's green future – one locomotion upgrade, one rooftop solar system, one waste‑to‑energy facility at a time.' He disclosed that MBSB mobilised RM4.75 billion in sustainable and transition‑aligned financing in 2024, about 30% of its total financing for the year. Over the past 18 months, nearly RM3 billion has been channelled into projects including low‑emission locomotives for Keretapi Tanah Melayu Bhd, Malaysia's first floating solar array at Pantai Remis, renewable‑powered data centres in Johor and landfill gas capture facilities. Wan Kamaruzaman said, 'Finance is the oxygen of the transition. When we do our job well, engineers can design boldly, entrepreneurs can scale quickly and policymakers can lift their ambitions.' The event also marked the formalisation of a strategic partnership between MBSB and Cypark Resources Bhd to advance renewable energy and waste‑to‑energy initiatives. Looking ahead, MBSB will operationalise a syariah and sustainability centre of excellence to co‑create Islamic green finance instruments, launch a client transition‑support programme with sector‑specific toolkits and advisory services, and publish a third‑party verified baseline of its operational emissions. The group has also pledged 50,000 volunteer hours for community and environmental initiatives by 2030. The event drew senior representatives from the Employees Provident Fund, Permodalan Nasional Bhd, corporate partners and SMEs, underscoring the importance of public‑private collaboration in achieving Malaysia's climate ambitions.
The Sun
3 days ago
- Business
- The Sun
Malaysia considers nuclear energy post-2030, decision depends on public support
KUALA LUMPUR: Malaysia is considering nuclear energy as part of its long-term energy mix, but the final decision on whether to proceed with nuclear power generation will only be made after 2030, Deputy Prime Minister Datuk Seri Fadillah Yusof said. Fadillah, who is also Energy Transition and Water Transformation Minister, said the government has not committed to building a nuclear power plant yet, but has established a dedicated nuclear power organisation (NPO) to study all necessary frameworks, including international treaties, domestic regulations and human capital requirements. 'We have not decided. The decision will only come after 2030, after we study the whole regulation, the technologies and so on. 'It can only be implemented when there is public acceptance. Safety, social well-being and environmental concerns must all be evaluated first,' he told reporters after the luncheon talk titled 'Driving the Green Energy Transition' here today. He stressed that Malaysia's current nuclear initiative is still in the analysis and preparedness phase. - Bernama -- More to come
New Straits Times
3 days ago
- Politics
- New Straits Times
No nuclear decision before 2030
KUALA LUMPUR: Malaysia will not commit to developing a nuclear power plant until after 2030, Deputy Prime Minister and Minister of Energy Transition and Water Transformation Datuk Fadillah Yusof said today. Speaking at the Driving the Green Energy Transition event by MBSB, Fadillah confirmed that nuclear energy remains in the research and evaluation phase, and no firm decision has been made. "No, we have not decided. The decision will only come after 2030, after we study the whole regulation, the technologies and so on," he told reporters after MBSB's Driving the Green Energy Transition here today. His remarks come in the wake of the 13th Malaysia Plan (13MP), which outlines a preliminary roadmap for nuclear development, including a nuclear energy programme targeted for 2031. Fadillah said that public acceptance, safety, and environmental considerations will be central to any future decision. "It can only be implemented when there's public acceptance. All aspects have to be considered: the safety, the social well-being of the people, and of course the environmental perspective," he explained. He reaffirmed that safety and security would remain non-negotiable in any decision involving nuclear power. "Safety and security are critical for us. So we have to evaluate everything first. It's too early to say whether we will use it or not," he said, adding that the current phase is focused purely on analysis and study to determine whether nuclear can or should be implemented in Malaysia. Fadillah also touched on the potential return of Malaysian nuclear experts currently based overseas, should the country decide to proceed with a nuclear power project in the future. "Once we have decided to build the nuclear plant, we will bring all the diaspora back to the country," he said.
