Latest news with #MalaysianRatingCorporationBhd
The Sun
27-04-2025
- Business
- The Sun
Sabah sets sights on becoming model for renewable energy in Asean
KOTA KINABALU: Sabah can transform into a model for renewable energy development within the Asean region with the support of financial institutions and robust regulatory framework inputs from industry experts. Sabah Chief Minister Datuk Seri Panglima Hajiji Noor said it is with utmost confidence that the government welcomes investors, entrepreneurs and partners from around the globe in establishing a symbiotic relationship that will ultimately play a vital role in shaping the state's future. 'Sabah is open for business, and throughout my tenure as the head of the administration, we have established not just a framework but also an action plan that has made significant strides in creating a business-friendly environment as a result of streamlining our policies. 'The fact that we have much more development translates directly into exciting opportunities. I believe that the untapped potential means there is still an ample market share to be captured across the supply chain of this industry,' he told delegates at the Sabah Renewable Energy Conference 2025: Corridor to Transform Vision to Reality last week. The conference was hosted by Malaysian Rating Corporation Bhd (MARC), in collaboration with Qhazanah Sabah Bhd, the strategic investment arm of the Sabah state government. The event was attended by representatives from Qhazanah Sabah, MARC, Energy Commission of Sabah, Sustainable Energy Development Authority and government officials from Sabah, Sarawak and Peninsular Malaysia. Hajiji said while there are climate shift and energy volatility, Sabah has shown resilience, where the state has adapted and collaborated closely with the federal government in its efforts to move forward. 'In every growing economy, it is a consensual understanding that energy is not a side agenda. It is the core of economic development and with the vision of reducing carbon footprint shared globally, Sabah is no exception to partake in this endeavor. 'Every school that lights up, every factory that expands, and every job that is created to support the adoption of renewable energy tells us one thing: Sabah's energy future is Malaysia's economic future. 'The government firmly shares this belief and transcends it beyond just kilowatts and carbon emissions,' he said. Hajiji said it is because of this that Sabah is increasing its efforts to proactively build a renewable energy future, capitalising on its abundant resources to build its readiness to meet the global energy landscape that is tangled in the trilemma of security, affordability and sustainability. 'I believe if we can commission the 50-megawatt Sabah Solar PV Park that is responsible for powering over 10,000 households, then we can envision a future and initiate our progress towards achieving more than 50% capacity of renewable energy share comprising multiple portfolios of renewable resources. 'However, we cannot deny that big visions would require long-term commitment that begins with establishing a framework that is personalised to Sabah's needs.' Hajiji said that this understanding led to the establishment of the Energy Commission of Sabah and the shift of regulatory autonomy from federal to Sabah. He also noted the importance of synergistic relationship, and such synergy is best achieved by promoting better alignment of Sabah's development to that of Malaysia. 'And we do this by charting our own strategic measures that are customised to suit our advantages. This establishment is our call for action towards gaining autonomy in deciding what we believe is best for us. It is a call for action that Sabah is ready to embark on a journey that will push our energy trajectory into one that position our state as one of the key drivers in contributing to Malaysia's success in reducing its carbon footprint. 'With the transfer of regulatory authority and guidance from the Sabah Energy Road Map and Masterplan, we aim to align with the goals of the National Energy Transition Roadmap by developing our own flagship projects. 'These initiatives will mark Sabah's journey towards becoming a low greenhouse gas emission state by 2050,' Hajiji said.
The Sun
27-04-2025
- Business
- The Sun
Sabah sets sights on becoming Asean's renewable energy model
KOTA KINABALU: Sabah can transform into a model for renewable energy development within the Asean region with the support of financial institutions and robust regulatory framework inputs from industry experts. Sabah Chief Minister Datuk Seri Panglima Hajiji Noor said it is with utmost confidence that the government welcomes investors, entrepreneurs and partners from around the globe in establishing a symbiotic relationship that will ultimately play a vital role in shaping the state's future. 'Sabah is open for business, and throughout my tenure as the head of the administration, we have established not just a framework but also an action plan that has made significant strides in creating a business-friendly environment as a result of streamlining our policies. 'The fact that we have much more development translates directly into exciting opportunities. I believe that the untapped potential means there is still an ample market share to be captured across the supply chain of this industry,' he told delegates at the Sabah Renewable Energy Conference 2025: Corridor to Transform Vision to Reality last week. The conference was hosted by Malaysian Rating Corporation Bhd (MARC), in collaboration with Qhazanah Sabah Bhd, the strategic investment arm of the Sabah state government. The event was attended by representatives from Qhazanah Sabah, MARC, Energy Commission of Sabah, Sustainable Energy Development Authority and government officials from Sabah, Sarawak and Peninsular Malaysia. Hajiji said while there are climate shift and energy volatility, Sabah has shown resilience, where the state has adapted and collaborated closely with the federal government in its efforts to move forward. 'In every growing economy, it is a consensual understanding that energy is not a side agenda. It is the core of economic development and with the vision of reducing carbon footprint shared globally, Sabah is no exception to partake in this endeavor. 'Every school that lights up, every factory that expands, and every job that is created to support the adoption of renewable energy tells us one thing: Sabah's energy future is Malaysia's economic future. 'The government firmly shares this belief and transcends it beyond just kilowatts and carbon emissions,' he said. Hajiji said it is because of this that Sabah is increasing its efforts to proactively build a renewable energy future, capitalising on its abundant resources to build its readiness to meet the global energy landscape that is tangled in the trilemma of security, affordability and sustainability. 'I believe if we can commission the 50-megawatt Sabah Solar PV Park that is responsible for powering over 10,000 households, then we can envision a future and initiate our progress towards achieving more than 50% capacity of renewable energy share comprising multiple portfolios of renewable resources. 'However, we cannot deny that big visions would require long-term commitment that begins with establishing a framework that is personalised to Sabah's needs.' Hajiji said that this understanding led to the establishment of the Energy Commission of Sabah and the shift of regulatory autonomy from federal to Sabah. He also noted the importance of synergistic relationship, and such synergy is best achieved by promoting better alignment of Sabah's development to that of Malaysia. 'And we do this by charting our own strategic measures that are customised to suit our advantages. This establishment is our call for action towards gaining autonomy in deciding what we believe is best for us. It is a call for action that Sabah is ready to embark on a journey that will push our energy trajectory into one that position our state as one of the key drivers in contributing to Malaysia's success in reducing its carbon footprint. 'With the transfer of regulatory authority and guidance from the Sabah Energy Road Map and Masterplan, we aim to align with the goals of the National Energy Transition Roadmap by developing our own flagship projects. 'These initiatives will mark Sabah's journey towards becoming a low greenhouse gas emission state by 2050,' Hajiji said.
The Sun
27-04-2025
- Business
- The Sun
Strategic location, abundant natural resources fuel Sabah's renewable energy development
KOTA KINABALU: The growth of renewable energy in Sabah is not just an aspiration but a step forward towards reality, Qhazanah Sabah Bhd group CEO Datuk Ahmad Rizal Dahli said. He said Sabah is strategically located near several rapidly growing regional economies, giving the state the potential to tap into new market opportunities and benefit from spillover effects – especially with its close proximity to emerging economic hubs like Indonesia' Nusantara. 'With Sabah's abundance of natural resources – especially its high solar radiation levels – it holds enormous potential for renewable energy development. 'In fact, the state could generate up to 99.4GW from solar PV alone, making it a promising player in shaping sustainable energy solutions for the future,' he told delegates at the Sabah Renewable Energy Conference 2025 held last week. Ahmad Rizal said the synergy between public and private sectors, regulators and investors, and innovators and implementers is essential. 'Looking ahead, it is essential to foster collaboration that leverages the strengths of all stakeholder groups – from financial institutions and technology providers to regulators and asset developers. 'To achieve this, we recognise that green financing, sustainable investment models, and ESG-aligned capital flows are no longer optional – they are key drivers of future growth,' he said. Ahmad Rizal said renewable energy goes beyond just power generation and infrastructure – it's about uplifting communities, creating quality jobs, and building resilience across Sabah, especially among rural and indigenous populations. 'To us, partnerships reflect the significant collaboration between the public and private sectors to achieve a collective goal to drive the change within Sabah's renewable energy industry. 'Let today be the start of stronger collaboration and bold, forward-thinking ideas. Together, we must commit to building a Sabah that stands out in Malaysia's clean energy future. 'This is no longer a choice – it's a necessity. Each of us has a role to play in protecting our environment while still creating economic opportunities,' Ahmad Rizal said. Malaysian Rating Corporation Bhd (MARC) group CEO Arshad Mohamed Ismail said Sabah has long been a key contributor to Malaysia's economy. However, the state's energy sector faces significant challenges that threaten its long-term sustainability. He said electricity supply remains constrained, as reflected in Sabah's lower reserve margin compared to that of Peninsular Malaysia, underscoring the urgent need to expand generation capacity. 'The situation is further compounded by the state's heavy reliance on fossil fuels, with 86% of power generation currently dependent on natural gas – a resource that is finite in the long term. 'Despite having an estimated 101GW of renewable energy potential, particularly in hydro, solar, and biomass, only 7.3% of Sabah's current energy mix is derived from renewable sources. 'This highlights the need for the state to move towards cleaner, more sustainable energy solutions,' he said. Arshad said the launch of the Sabah Energy Roadmap and Master Plan 2040 sets a bold vision for reliable, affordable, accessible, and sustainable energy by 2040. With targets like 50% renewable capacity by 2035, full rural electrification by 2030, and carbon neutrality by 2050, success will require strong public-private partnerships and significant investment. 'At MARC, we envision ourselves as Sabah's key partner in transforming today's challenges into tomorrow's opportunities. Our primary focus is on enabling a secure and sustainable energy future for Sabah by providing professional financial expertise to support these critical transitions. 'MARC is able to provide rigorous assessments of renewable energy projects. By meticulously rating green and sustainability-linked bonds and sukuk, we reinforce investor confidence and validate Sabah's strong AAA domestic credit profile. 'This robust foundation is essential to unlocking the capital required for large-scale renewable energy projects,' he said. Arshad said MARC remains committed to supporting Sabah's renewable energy aspirations through its expertise in credit ratings, green financing, and investment facilitation.
Malay Mail
24-04-2025
- Business
- Malay Mail
Sabah chief minister: State doubling down on clean energy to lift economy, boost national supply
KOTA KINABALU, April 24 — The energy sector will continue to play a critical role in Sabah's future economic development, said state Chief Minister Datuk Seri Hajiji Noor. He said the state government had already launched the Sabah Energy Roadmap and Master Plan 2040 (Sabah Energy Ramp 2040) to chart and outline key priorities for the state's energy sector. 'With this in place, Sabah should be able to fully develop its green energy sector with the potential to provide up to 75 per cent of the nation's green energy supply,' he said at the Sabah Renewable Energy Conference 2025: Corridor to Transform Vision to Reality (Sarec 2025) here today. His speech text was read by Sabah Finance Minister Datuk Seri Masidi Manjun. Sabah is endowed with an abundance of renewable energy (RE) sources that could contribute to the state and nation's transformation into a high-value-added economy, he said. He said the energy sector has been a critical engine of growth for Sabah's economy over the decades, and he aspires to see its energy sector lift the people's quality of life. He said the state government has been encouraging the development of clean energy and will continue to develop the necessary infrastructure related to the energy sector. 'We have been steadfast in our pursuit of taking control and managing the state's energy resources to empower Sabah to develop and continuously grow the energy sector more effectively and efficiently,' he said. On another matter, the chief minister reiterated that the state government had identified a new economic sector involving the sustainable exploration of Sabah's incredible marine and coastal resources. Hajiji commended Qhazanah Sabah Bhd and the Malaysian Rating Corporation Bhd for bringing Sarec 2025 to fruition. 'The state government is ready to collaborate with all stakeholders to unite efforts, exchange ideas, and explore solutions,' he added. — Bernama
The Star
24-04-2025
- Business
- The Star
Energy sector continues to be critical for Sabah's growth, says CM
KOTA KINABALU: The energy sector has always, and will continue to, play a critical role in Sabah's future development, said Chief Minister Datuk Seri Hajiji Noor. He said Sabah is endowed with an abundance of renewable energy sources that has the potential to offer strong prospects of contributing significantly to both the state and nation's transformation into a high value-added economy. Taking this into consideration, he said the state government has, among others, launched the Sabah Energy Roadmap and Master Plan 2040 (Sabah Energy RAMP 2040), which was aimed at charting the way forward and outlining key priorities for the state energy sector. 'With this in place, Sabah should be able to fully develop its green energy sector with the potential of providing up to 75% of the nation's green energy supply,' said Hajiji when officiating the Sabah Renewable Energy Conference 2025 (SAREC 2025) here on Thursday (April 24). Hajiji's speech was delivered by state Finance Minister Datuk Seri Masidi Manjun. 'The energy sector has been a critical engine of growth for Sabah's economy over the past decades, contributing significantly to the state's economy,' Hajiji said. 'It is my aspiration to see Sabah's energy sector continuing to grow whilst contributing to positive social outcomes to uplift the quality of life of the people,' he said. He said the state has been aggressively pushing its agenda in encouraging renewable energy and the development of clean energy by implementing programmes that would help promote economic activities and accelerate economic growth to ultimately shape and strengthen Sabah's renewable energy and green industry sector. Sabah will continue to develop the necessary infrastructure related to the energy sector, said Hajiji, adding that the state has been steadfast in its pursuit of taking control and managing the state's energy resources to empower Sabah. It is also aimed at developing and continuously growing the energy sector more effectively and efficiently,' he said. He said the state government looked forward to the continued cooperation and support of all stakeholders in driving Sabah towards a greener and more sustainable future. Earlier, Hajiji said the state government had identified a new economic sector - the Blue Economy - that involves sustainable exploration of Sabah's incredible marine and coastal resources. The State Legislative Assembly approved the new Ocean Thermal Energy Conversion (OTEC) Enactment 2024 in April last year, paving the way for the development of OTEC as a new source of renewable energy and as one of the initiatives under the Blue Economy. Speaking about the event, he commended Qhazanah Sabah Berhad and the Malaysian Rating Corporation Bhd for bringing SAREC 2025 to fruition. 'The state government is ready to collaborate with all stakeholders to unite efforts, exchange ideas, and explore solutions,' he said. In a press conference, Masidi said that OTEC was a very new avenue to venture into, where only a limited number of countries including Japan have started exploring this industry. 'It will take time for it to see some form of fruition because it's a new source of energy and we have a long way to go but we need to start somewhere, somehow,' he said. 'You talk about renewable energy but we can't just fold our hands and wait, we have to start somewhere somehow,' he stressed. Also present during the one-day conference were Datuk Ahmad Rizal Dahlia, the chief executive officer of Qhazanah Sabah Bhd, and Malaysian Rating Corporation Bhd group chief executive officer Arshad Mohamed Ismail.
