The Malaysian government has unveiled Phase Two of the National Energy Transition Roadmap (NETR), targeting 31% power capacity from renewable by 2025 and 40% by 2040. The plan requires at least RM1,200bn (US$258bn) between 2023 and 2050. It involves establishing a renewable energy exchange, enhancing energy efficiency in government buildings, and activating the National Energy Council for energy planning and policy development, with the objective to accelerate Malaysia's energy transition, reduce reliance on fossil fuels, and become a leader in renewable energy.
The roadmap, amongst others, will see the government setting aside RM 2bn (US$215m) as a seed fund for the National Energy Transition Facility, which will support energy transition projects that are less financially viable, stressing the importance of investment in electric vehicles (EVs), hydrogen, and carbon capture, utilization, and storage (CCUS) technologies.
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