KUALA LUMPUR (Aug 9): The government will launch the National Energy Policy 2021-2040 later this month to boost investment flows and advance Malaysia's sustainable development goals, said Minister in the Prime Minister's Department (Economy) Datuk Seri Mustapa Mohamed.
He said there is a need to have policies and regulations in place to capitalise on Malaysia's transition to cleaner energy as the global energy transition would create a range of challenges and opportunities for the energy sector and the economy.
“I sincerely hope that the National Energy Policy will contribute to a higher quality of life for Malaysians — both in terms of a stronger economy and a greener community," he said in his keynote address at the half-day seminar on Sustainable Development Goal 7 (SDG7) here, on Tuesday (Aug 9).
The half-day seminar was jointly organised by Tenaga Nasional Bhd and the Economic Planning Unit.
Mustapa said Malaysia should utilise alternatives such as renewable energy (RE) and new energy as the country begins to reduce its dependency on coal.
Malaysia has revised upwards its national RE capacity target to 31% from 20% by 2025, he noted.
The RE contribution in the installed capacity mix is projected to increase to 40% from 31% by 2035 in the Malaysia Renewable Energy Roadmap.
In addition, carbon capture, utilisation, and storage technology for carbon mitigation should also be explored, and if found feasible, must be embraced, he said.
“We acknowledge the need to strengthen international cooperation to ensure universal access to affordable and reliable energy. We need clarity in our energy agenda, and [to] ensure that the lights are always on.
“We also need to ensure that our system remains robust and resilient in managing disruptions during the global transition of energy,” Mustapa said, adding there would be cost implications and systemic changes that the government needs to address.