KUCHING, Feb 26: Malaysia must seek external resources to achieve its National Energy Transition Roadmap (NETR) goals.
Chief Economist at Malaysian Rating Corporation Berhad (MARC Ratings), Dr Ray Choy, highlighted that Malaysia, like many developing economies, faces challenges transitioning to renewable energy (RE).
“A lot of developing economies continue to face energy poverty in terms of getting the access as well as the infrastructure to actually utilise these energies effectively at the ground level and at the individual level.
“We need to think about not just utilising what resources or limited resources that we may actually have at the domestic level but we also need to think about leveraging sources of international funds,” he said to TVS after a panel session at the Borneo Energy Transition Conference (BETC) 2024 conference on Monday.
He added Malaysia has a very well developed bond market that actively seeks to invest in RE industries and regarded Sarawak as an exemplary region in the transition towards RE.
“Sarawak has made very great strides as we can actually see concrete projects such as the H2biscus Project and H2ornbill Project.
“Not only are we going to use hydrogen as a source of renewable energy and fossil and formulation, but it will eventually become a source of export revenue from Malaysia,” he said.
Previously, Natural Resources, Environment and Climate Change Minister Nik Nazmi Nik Ahmad was reported as saying that Malaysia needs at least RM637 billion in new investments until 2050 for its transition to RE.
The BETC 2024, co-organised by SEDC Energy and Marc Ratings Bhd, brings together visionary thought leaders, change-makers, and industry experts to explore ideas and catalyse decisive action towards forging a sustainable energy landscape in the region. -TVS
