Latest news with #NETR
New Straits Times
14 hours ago
- Business
- New Straits Times
Anwar: ACWA Power investment to boost Malaysia's green energy drive
KUALA LUMPUR: Prime Minister Datuk Seri Anwar Ibrahim has welcomed Saudi Arabian firm ACWA Power's decision to choose Malaysia as its main hub in Southeast Asia. Anwar, in a post on Facebook, said the global leader in renewable energy and green hydrogen is expected to collaborate with local partners to spearhead major energy projects. "This is another positive development resulting from the close Malaysia-Saudi Arabia cooperation, particularly following my meeting with the founder of ACWA Power during the Asean-GCC Summit (in May). "This investment recognises Malaysia's energy transition policy, creates high-skilled job opportunities, and drives technology transfer," he said. Anwar added that ACWA Power is now forging a strategic partnership with Tenaga Nasional Bhd, UEM Lestra and Terengganu Inc. to develop renewable energy, hydrogen and combined cycle gas turbine (CCGT) projects, in line with the National Energy Transition Roadmap (NETR). This commitment, he said, further strengthens Malaysia's position as a key player in sustainable energy in the region and supports efforts towards a low-carbon economy.
The Sun
17 hours 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 Star
2 days ago
- Business
- The Star
FBM KLCI rises on Wall St rebound
KUALA LUMPUR: The momentum of Wall Street's rebound spilled over on to the global equities at Tuesday's open, giving the sluggish domestic market some upward lift. At 9am, the benchmark FBM KLCI was up 1.65 points to 1,540.64, still tightly wound around a consolidation channel as investors awaited fresh catalysts. According to TA Securities, the overnight rally on Wall Street should cushion the lack-luster local market today, but the undertone remains cautious as investors refrain from trading commitments in the absence of market direction. "Immediate index support remains at 1,490, with stronger support found at 1,465 followed by 1,444. Immediate resistance stays at 1,564 with next upside hurdles seen at the recent high of 1,586, followed by 1,610 ahead," it said in a commentary. Malacca Securities said it favoured the technology sector as the OPR cut and anticipated Federal Reserve rate easing are expected to lower borrowing costs for technology companies. "Malaysian tech players remain exempted from US tariffs, with our top picks including Frontken, Vitrox and EG," it said in a note. It added that Sunlogy's rally yesterday may spur spillover interest in other solar-related counters, supported by positive developments in the renewable energy space, including NETR and the 13MP. Lastly, the research firm said investors may shift their attention to REITs for domestic-focused exposure. On the market today, Maybank rose nine sen to RM9.63 and Hong Leong Bank jumped eight sen to RM18.98. Kelington jumped 17 sen to RM4.37 on reports the company is in talks with a client for a semiconductor hook-up project at a wafer fabrication plant in Dresden, Germany, potentially worth up to EUR50mil. Meanwhile, Inari Amertron rose two sen to RM3.01. Of actives, NexG dropped 0.5 sen to 53 sen, Pharmaniaga gained 0.5 sen to 18.5 sen and Top Glove fell 0.5 sen to 65 sen.
New Straits Times
3 days ago
- Business
- New Straits Times
Rafizi to raise economic concerns in 13MP debate
KUALA LUMPUR: Former economy minister Datuk Seri Rafizi Ramli is expected to raise key concerns over Malaysia's economic direction, including the government's policy priorities and their impact on people's lives, in the Dewan Rakyat today. The Pandan member of parliament said these concerns would be raised during his debate on the 13th Malaysia Plan (13MP), scheduled for 3pm today. "I will be taking part in the debate session on the 13MP in Parliament. "Several key issues will be addressed, including the country's economic direction, the government's policy priorities and its direct impact on the lives of the people," he said in a statement via X today. Previously, Rafizi had expressed his appreciation to the staff of the Economy Ministry for ensuring that the key reforms initiated during his tenure were retained in the 13MP, which was tabled in the Dewan Rakyat last Thursday (July 31). Rafizi had said that although he has not gone through the document in full, an initial reading of the executive summary shows that around 95 per cent of the reforms developed during his time in office have been preserved in the plan. He added that many key economic initiatives launched during his tenure, including the National Energy Transition Roadmap (NETR), KL20, the Johor–Singapore Special Economic Zone (JS-SEZ), the 'Made by Malaysia' branding, and the shift towards a consumption powerhouse economic model, remain part of the plan.
The Sun
6 days ago
- Business
- The Sun
KAB, Northern Solar eye opportunities in renewable energy reforms under 13MP
PETALING JAYA: Renewable energy players Kinergy Advancement Bhd (KAB) and Northern Solar Holdings Bhd have expressed strong support for the government's commitment to enhance the renewable energy landscape under the 13th Malaysia Plan (13MP). Northern Solar managing director SK Lew welcomed the government's efforts to create a more transparent and competitive electricity market in Malaysia. He said initiatives such as the Community Renewable Energy Aggregation Mechanism (Cream), Corporate Renewable Energy Supply Programme (Cress), and investment in Battery Energy Storage Systems reflect a clear commitment to strengthening the country's renewable energy infrastructure. 'Northern Solar is strategically positioned to capitalise on these developments,' Lew told SunBiz. 'We are actively exploring and participating in the Cream and Cress programmes, which are set to broaden market opportunities in the renewable energy sector significantly.' He added that the focus on integrating battery storage solutions aligns with the company's strategic direction, enhancing the value of the solar photovoltaic projects delivered to commercial and industrial clients. 'With our strengthened financial capacity post-listing, technical expertise and robust project pipeline, we are confident in our ability to play an active and meaningful role in advancing Malaysia's energy transition under the National Energy Transition Roadmap (NETR), while delivering long-term sustainable growth and value to our shareholders and stakeholders,' he said. Unveiling the 13MP on Thursday, Prime Minister Datuk Seri Anwar Ibrahim highlighted that the green economy is poised for further expansion, supported by the NETR. Malaysia aims to increase its share of renewable energy from 29% to 35% by 2030. Key initiatives include the development of battery energy storage systems, floating solar-hydro hybrids in Kenyir, and a hydrogen hub in Sarawak. The government is also exploring the potential of nuclear energy as part of its clean energy mix. 'Malaysia must rise as an Asian economy known not just for growth, but for value creation and sustainability,' said Anwar. These efforts align with carbon trading strategies, the National Carbon Market Policy, and investments in waste-to-energy infrastructure. Meanwhile, KAB executive deputy chairman and group managing director Datuk Lai Keng Onn said the government's bold reforms under 13MP – particularly the move towards a transparent electricity market – will better reflect the actual cost of power generation. He noted that this progressive approach will accelerate renewable energy deployment, strengthen carbon reduction efforts, and widen participation through mechanisms such as Cream. 'As 13MP drives attention towards renewable energy acceleration, including the development of mini hydropower, the recently announced Sabah project sets a positive tone for broader adoption. 'This is in line with KAB's growth trajectory. We have received approval from the Sustainable Energy Development Authority under the FiT 2.0 programme for two hydropower facilities, which will deliver a combined 8.04MW of clean energy, supported by a 21-year tariff mechanism. 'This mirrors national strategies and signals our readiness to contribute meaningfully,' Lai said. He added that KAB's recent milestones – including FiT 2.0 approvals, a major RM646 million EPCC contract for a 120MW gas engine power plant, and a multiproject partnership in Perak – underscore the group's continued role in shaping Malaysia's energy landscape. 'As frameworks like 13MP, Cream and the Corporate Green Power Programme take form, KAB remains focused on supporting national sustainability goals through scalable and inclusive energy solutions,' Lai said.
