Latest news with #EnergyExchangeMalaysia
New Straits Times
29-05-2025
- Business
- New Straits Times
'Asean 2045: Our Shared Future' is a living promise to region's people
LETTERS: Asean (Association of Southeast Asian Nations) must progress beyond procedural consensus towards courageous and principled decision-making. The well-being of Asean citizens should be a priority in all the bloc's policies. This isn't merely an abstract concept. Malaysia's focus on inclusivity and sustainability during its chairmanship of Asean exemplifies this vision. It's about creating a future where everyone, regardless of background or location, is included. Behind trade agreements and regional strategies are real people whose lives depend on effective leadership. The implementation of the Asean Integrated QR Code Payment System, for instance, is about empowering small businesses to engage in regional trade and ensuring they are part of the digital economy. Malaysia's green transition plan, including initiatives like Energy Exchange Malaysia, demonstrates how leadership can prioritise long-term sustainability while generating new economic opportunities. Asean faces external pressures, internal conflicts and rapid digital transformation. It must bridge the gap between institutions and the people they serve. 'Asean 2045: Our Shared Future' is a living promise to its people, a commitment to a future where peace, prosperity, and human dignity are everyday realities. Faculty of Economics and Management Universiti Kebangsaan Malaysia
Business Times
09-05-2025
- Business
- Business Times
Common standards needed to boost trade in renewable energy certificates
[SINGAPORE] The lack of standards around the cross-border trade of renewable energy certificates (RECs) is a key barrier preventing companies from signing offtake agreements with low-carbon electricity producers around South-east Asia, said Low Xin Wei, assistant chief executive for the markets and systems division at the Energy Market Authority. This means that there is a lack of additional revenue for these electricity importers, with which the Singapore government is looking to ink electricity import contracts to meet its net-zero targets. He said that major international standards, such as the Greenhouse Gas Protocol, do not explicitly recognise the cross-border trade of RECs as a valid form of renewable energy procurement. The only exceptions are in the European Union and North America, where markets have been harmonised, said Low at a climate conference on Thursday (May 8). RECs are tradeable assets that are issued when 1 megawatt-hour of electricity is generated and delivered to the electricity grid from a renewable energy resource. Companies can purchase these certificates to reduce their Scope 2 emissions, which are emissions arising from their use of electricity generated from power stations. A NEWSLETTER FOR YOU Friday, 12.30 pm ESG Insights An exclusive weekly report on the latest environmental, social and governance issues. Sign Up Sign Up Given that Singapore has limited renewable energy resources, the amount of RECs that can be generated locally is constrained. There would only be a small pool of such certificates for companies to buy to offset their Scope 2 emissions. The Ministry of Trade and Industry previously announced that plans to establish a cross-border trading framework were under way. Low also said that there is a need to continue with concrete, small steps to make the Asean power grid a reality, starting with bilateral projects. 'Low-hanging fruits would be those which make use of existing interconnectors.' This includes the Lao PDR-Thailand-Malaysia-Singapore Power Integration Project – a cross-border electricity trade that imports hydropower from Laos to Singapore – as well as the Energy Exchange Malaysia, a platform to facilitate cross-border electricity sales focused on renewable energy.
