Malaysia encourages investment in developing hydro energy​

Malaysian Minister of Natural Resources, Environment and Climate Change Nik Nazmi Nik Ahmad (right) at the press conference of ASEAN Green Hydrogen Conference 2023. (Photo: bernama.com)

Kuala Lumpur (VNA) – Malaysian government on May 23 announced the implementation of many renewable energy research and development programmes to encourage the participation of the private sector in the field of renewable energy.

Speaking at the ASEAN Green Hydro Conference 2023, Minister of Natural Resources, Environment and Climate Change Nik Nazmi Nik Ahmad said that Malaysia welcomes domestic and foreign businesses to conduct investment and trade activities in the energy sector. In early May, the Malaysian government lifted the ban on renewable energy exports.

Energy demand in Malaysia is increasing due to population problems and economic growth, especially in the industrial sector. Between 2010 and 2018, energy demand increased by an average of 6% per year.

The minister said that Malaysia has the potential to become a hydrogen fuel supply hub thanks to its geopolitical position at sea. The country's Sarawak state is aiming to become a global hub for green hydrogen production with large-scale commercial plans by 2027.

He expressed his appreciation for the initial success in hydrogen fuel production, and highly evaluated the coordination between the state administrations and the federal government, contributing to the efforts to develop renewable energy. 

It is estimated that the global hydrogen economy will reach 2.5 trillion USD by 2050 with the creation of 30 million jobs.

Hydrogen is a clean energy source, with almost no polluting emissions, but only water vapor, formed through the electrolysis of water. Therefore, hydrogen is an almost inexhaustible and renewable source of energy./.