Latest news with #MalaysianInvestmentDevelopmentAuthority
The Sun
a day ago
- Business
- The Sun
MIDA, UNGCMYB forge partnership to boost ESG adoption, sustainable investment
KUALA LUMPUR: The Malaysian Investment Development Authority (MIDA) and the UN Global Compact Network Malaysia and Brunei (UNGCMYB) have forged a strategic partnership to ignite a new era of sustainable and responsible investment in Malaysia. In a joint statement, both parties said that the partnership, sealed through a memorandum of understanding (MoU) signed earlier, is committed to accelerating the adoption of environmental, social and governance (ESG) principles among businesses, laying the foundation for Malaysia's transition towards a more sustainable and inclusive economy. They said the MoU brings together MIDA's mandate as the country's principal investment promotion agency and UNGCMYB's expertise in corporate sustainability. They said UNGCMYB plays a vital role in supporting businesses in Malaysia and Brunei in aligning with global sustainability goals by providing essential resources, tools, and expert guidance. MIDA chief executive officer Datuk Sikh Shamsul Ibrahim Sikh Abdul Majid said the collaboration aims to step up efforts to promote awareness, build capacity and encourage greater private sector participation in ESG initiatives, in line with the Ministry of Investment, Trade and Industry (MITI)'s Green Investment Strategy (GIS) launched last August. 'As Malaysia moves forward with our Net Zero 2050 agenda, we are seeing strong national commitment, policy clarity, and growing investor interest in green sectors,' he said. Meanwhile, UNGCMYB executive director Faroze Nadar said the MoU is a strategic step towards accelerating sustainable business practices across Malaysia. 'By combining our strengths in knowledge-sharing and ESG capacity-building, we can bridge the gap between awareness and tangible action, ensuring businesses are equipped to meet both the sustainable development goals and evolving market demands,' he added. The joint statement added that the MoU will involve collaborative initiatives that facilitate multi-stakeholder participation in sustainability programmes, including the joint organisation of conferences, roundtables, and selected development programmes focusing on ESG and broader sustainability topics. As part of the collaboration, MIDA also announced its strategic partnership in the Forward Faster Symposium 2025 -- UNGCMYB's flagship programme dedicated to accelerating sustainability, which is scheduled to take place on June 5, 2025, at MIDA's headquarters.
The Star
2 days ago
- Business
- The Star
Acwa Power eyes US$10bil of Malaysia renewable projects
Saudi utility Acwa Power Co. signed non-binding agreements with Malaysian firms, including to explore development of about 13 gigawatts of power generation capacity, totaling $10 billion in investments by 2040. Acwa's collaborations will include renewable energy, green hydrogen and advanced water solutions, it said in a statement. One of the world's largest private water desalination companies, Acwa signed the agreement with the Malaysian Investment Development Authority on Thursday. The collaboration aims to support Malaysia's goal of increasing installed renewable energy capacity to 70% by mid-century, the company said. The Southeast Asian nation is aiming to phase out coal power by 2044 and achieve net zero by 2050. Acwa will undertake joint feasibility studies on floating solar farms and large-scale water desalination with state-controlled utility Tenaga Nasional Berhad and others, the statement added. Historically, Malaysia has relied on coal, gas and hydro for its power needs, according to BloombergNEF. The country, one of the world's top liquefied natural gas exporters, is also considering expanding imports of the fuel to meet surging power demand. - Bloomberg
Bloomberg
2 days ago
- Business
- Bloomberg
Saudi Utility Eyes $10 Billion of Malaysia Renewable Projects
Saudi utility Acwa Power Co. signed non-binding agreements with Malaysian firms, including to explore development of about 13 gigawatts of power generation capacity, totaling $10 billion in investments by 2040. Acwa's collaborations will include renewable energy, green hydrogen and advanced water solutions, it said in a statement. One of the world's largest private water desalination companies, Acwa signed the agreement with the Malaysian Investment Development Authority on Thursday.
Asharq Al-Awsat
3 days ago
- Business
- Asharq Al-Awsat
Saudi Arabia's ACWA Power Signs MoU to Develop Renewables Capacity in Malaysia
Saudi Arabia's ACWA Power said on Thursday it had signed a preliminary agreement to develop up to 12.5 gigawatts of renewable energy generating capacity in Malaysia with an initial investment of up to $10 billion. The renewable energy utility said in a statement it agreed a memorandum of understanding with the Malaysian Investment Development Authority to explore developing the capacity by 2040. Malaysia wants renewable energy to make up 70% of its power mix by 2050. ACWA Power said it also signed strategic partnership agreements with several Malaysian companies for possible energy projects, including for large-scale water desalination. "These strategic agreements represent a significant milestone in ACWA Power's expansion in Southeast Asia and reflect our commitment to supporting Malaysia and the broader ASEAN region's energy transition," ACWA Power CEO Marco Arcelli said in the statement.
Zawya
3 days ago
- Business
- Zawya
Saudi Arabia's ACWA Power signs deal to develop renewables capacity in Malaysia
DUBAI - Saudi Arabia's ACWA Power said on Thursday it had signed a preliminary agreement to develop up to 12.5 gigawatts of renewable energy generating capacity in Malaysia with an initial investment of up to $10 billion. The renewable energy utility said in a statement it agreed a memorandum of understanding with the Malaysian Investment Development Authority to explore developing the capacity by 2040. Malaysia wants renewable energy to make up 70% of its power mix by 2050. ACWA said it also signed strategic partnership agreements with several Malaysian companies for possible energy projects, including for large-scale water desalination. "These strategic agreements represent a significant milestone in ACWA Power's expansion in Southeast Asia and reflect our commitment to supporting Malaysia and the broader ASEAN region's energy transition," ACWA CEO Marco Arcelli said in the statement. (Reporting by Federico Maccioni; Editing by Joe Bavier)
