World

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
#Malaysian Prime Minister Anwar Ibrahim #National Energy Transition Facility #Malaysia #Vietnam #Vietnamplus #Vietnam News Agency Malaysia
Follow VietnamPlus

Related News

Malaysia eyes wave energy for electricity generation

Malaysia eyes wave energy for electricity generation

When one mentions renewable energy, the mind often jumps to familiar sources like solar energy, hydroelectric dams, and wind power. However, Malaysia is seeking measures to turn wave energy for electricity generation.
Malaysia considers digital economy as on of most important economic foundations

Malaysia considers digital economy as on of most important economic foundations

Digital economy is considered as one of Malaysia’s most important economic foundations, which will contribute 25.5% to the gross domestic product (GDP) of the country by 2025 or more than 382 billion RM (82 billion USD) compared with 23.2% or 348 billion RM in 2021, according to the Horizon - Digital Economy Publication report published recently by Malaysia Digital Economic Corporation (MDEC).

See more

Malaysia bans single-use plastic bags at public sites (Photo: Bernama)

Malaysia bans single-use plastic bags at public sites

Malaysia will ban the use of single-use plastic bags in forest reserves, national and state parks, marine parks, and geological heritage sites and geosites, as part of efforts to curb environmental pollution.

Minister Datuk Fahmi Fadzil (Photo: The Edge)

Malaysia develops space technology

Malaysia is ramping up efforts to develop its space technology, with a particular emphasis on the deployment of Low Earth Orbit (LEO) satellites.

People visit the exhibition. (Photo: VNA)

Indonesia honours Islamic civilisation

The exhibition aims to demonstrate the values of Islam as expressed through art and culture in Indonesia and narrates the historical journey of Islam in the archipelago.

Malaysian Digital Minister Gobind Singh Deo. (Photo: Bernama)

Malaysia committed to drive digital economy framework

Malaysian Prime Minister Anwar Ibrahim will work with ASEAN regional leaders to implement the agreement as soon as possible to have an economic impact, not only on Malaysia, but also on the region in the near future.

Malaysian Prime Minister Anwar Ibrahim (L) and Thai counterpart Paetongtarn Shinawatra (Photo: Bernama)

Malaysia, Thailand commit to closer ties

According to the Malaysian Ministry of Foreign Affairs, Thailand ranked as Malaysia’s seventh largest trade partner globally and third within ASEAN last year, with a total trade volume reaching 25.03 billion USD.

Participants in the "Amazing Thai to the World" project, initiated by Thacca, focus on enhancing the culinary skills of village cooks across Thailand. (Photo: Bangkok Post)

Drive to promote Thai soft power heats up

A significant upskilling and reskilling initiative is needed for Thais, aimed at creating "soft power warriors" for the nation, with a target of 20 million trained individuals by 2027.

Chinese tourists entering Vietnam through Huu Nghi International Border Gate, Lang Son. (Photo: VNA)

Culture, tourism give wings to China-Vietnam relations: expert

In her article posted on the Global Times of China, Liu Xiangyan, associate researcher of the Institute of International Studies at the China Tourism Academy, wrote that with the improvement of transportation networks and enhanced regional cooperation, the two countries have become each other's major markets of tourist sources.

Vietnamese Party General Secretary To Lam (R) receives Party General Secretary and President of China Xi Jinping (Photo: VNA)

Top Chinese leader’s state visit to Vietnam a great success: Chinese foreign ministry

Vietnam and China agreed to continue promoting the bilateral friendship, supporting each other in pursuing the socialist path that suits the conditions of each country, enhancing strategic trust to a new level, building a more substantial security cooperation pillar, and utilising opportunities to develop China's new high-quality productive forces and Vietnam's new productive forces to strengthen a broader, more comprehensive cooperative model.