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Malaysia to allocate 430 million USD for energy transition

Malaysia will allocate 2 billion ringgit (430 million USD) to a National Energy Transition Facility to enable catalytic blended finance, Prime Minister Anwar Ibrahim announced on August 29.
Malaysia to allocate 430 million USD for energy transition ảnh 1Malaysian Prime Minister Anwar Ibrahim (Source: voi.id)
Kuala Lumpur (VNA) - Malaysia will allocate 2billion ringgit (430 million USD) to a National Energy Transition Facility toenable catalytic blended finance, Prime Minister Anwar Ibrahim announced onAugust 29.

Speaking at an event to launch the second phase of theNational Energy Transition Roadmap, Anwar said the facility will enablecatalytic blended finance to ensure a seamless flow of financial resourcestowards energy transition projects that are marginally bankable or yieldingbelow-market returns.

Considering Malaysia's current state of immature decarbonisationtechnologies, the country's progress will significantly depend on alternativeenergy sources and robust regional and international collaboration, he stated.

As the paramount challenge in energy transition isfinancing, it is estimated that an investment of at least 1.2 trillion ringgitbetween 2023 and 2050 is needed to enable responsible energy transition, Anwarsaid.

He added that 60 billion-90 billion ringgit is needed to beallocated for crucial projects, including the expansion of publictransportation, strengthening grid infrastructure, and reskilling of humancapital, in this decade alone.

The government will launch a major retrofit programme toenhance energy efficiency in government buildings, he added./.
VNA
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