Malaysia bolsters development of clean energy market

Malaysian Prime Minister Anwar Ibrahim chairs the National Science Council Meeting at the National Science Centre on June 7. (Photo: bernama.com)

Kuala Lumpur (VNA) – Through the implementation of the Hydrogen Economy and Technology Roadmap (HETR), Malaysia will be well positioned to profit from the global green hydrogen market, which is forecast to reach 189.19 billion RM (41 billion USD) in 2050.

Prime Minister Anwar Ibrahim said that the market value for Malaysia can reach 3.1 billion USD in 2030.

The HETR implementation is expected to generate up to 12.1 billion RM in revenue with an estimated contribution of between 49 billion RM and 61 billion RM to the country's Gross Domestic Product (GDP) by 2030.

Besides, HETR will also be able to provide many socio-economic benefits to the country by generating up to 45,000 job opportunities.

Anwar said HETR will support the country’s Low Carbon Nation Aspiration 2040 under the National Energy Policy 2022-2040, Malaysia is expected to achieve a 0.4%-1.3% reduction in greenhouse gas emissions by 2030 based on the proposed HETR implementation model.

Five strategic thrusts have been outlined to develop a hydrogen ecosystem that is robust and competitive along the value chain in order to achieve the vision of making Malaysia a hydrogen economy leader by 2050.

According to the PM, the capacity-building and high technology drive under HETR is aimed at producing hydrogen at a competitive cost for domestic use to achieve the national energy transition target and for export purposes. A comprehensive ecosystem will be created to stimulate industry capacity-building through the active involvement of the private sector and academicians.

Anwar noted that Petroliam Nasional Bhd (Petronas) and Sarawak Energy Bhd have collaborated for the commercial production of green hydrogen and exploration of its value supply chain in Asia to meet the global demand for clean energy./.