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This would include pilot flagship projects and NETR initiatives to increase industry participation for the Government's new direction in exploring new energy sources.
Malaysia will accelerate its Energy Transition Roadmap (NETR) initiative to elevate the country as a regional leader in renewable energy. This would include pilot flagship projects and NETR initiatives to increase industry participation for the Government's new direction in exploring new energy sources and shaping market demand, as well as identifying financial resources to address the funding gap for such projects.
Following a National Economic Action Council (MTEN) meeting on 10 July 2023, Prime Minister Anwar Ibrahim shared that the first phase of NETR will highlight 10 strategic and high-value flagship pilot projects as a measure to implement the National Energy Policy 2022-2040 with an expected investment worth RM25bn. It is also expected to create 23,000 high-quality jobs, and reduce carbon dioxide equivalent emissions by more than 10,000 gigagrams cumulatively.
The launch of the first phase of the NETR will be on 27 July 2023 and followed by the launch of the second phase in August 2023.
PM Anwar said in a Facebook post: "Moving forward, MTEN will continue to formulate new measures and initiatives to deal with various challenges involving the national economy, to ensure regular governance improvements and structural changes in order to increase the national economic potential.
"The government strives to ensure that the country achieves its aspiration of a low-carbon country by 2040, always moves forward in line with current technological progress, and meets the socioeconomic needs of the people to ensure the wellbeing of Malaysia and its people."
Apart from the NETR initiative, the meeting also discussed drafting legislation regarding the "Ali Baba (rent-seeking) culture".
PM Anwar expressed that such a culture in principle has a negative impact on the economy — estimated losses reach around 1% of GDP, and involves areas such as procurement, licensing, the granting of permits and quotas, as well as the granting of subsidies and grants.
As such, Malaysia's Ministry of Economy and the Attorney General's Department, with the involvement of Government Ministries and agencies, will study and formulate appropriate legal policies and strategies to combat rent-seeking activities and present proposals to the Cabinet.
Lead image / Prime Minister Anwar Ibrahim Facebook
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