Bernama – Malaysia needs up to RM90 billion to fund key energy projects over next 10 years –

KUALA LUMPUR, April 16 (Bernama) — Malaysia needs an allocation of RM60 billion to RM90 billion to fund key projects with its energy transition over the next 10 years, the country said on Tuesday.・Minister of Environment and Sustainability Nik Nazmi Nik Ahmad said.

He said the requirements include expanding public transportation, strengthening power grid infrastructure and upskilling the workforce.

“A robust and adaptable power grid is a key element to cope with increased reliance on renewable energy sources.

“To meet Malaysia’s clean energy ambitions, the estimated cost of grid development will be equally high and will be extended by 2050,” he said in a speech at the signing ceremony of a memorandum of understanding (MoU) between Bursa Malaysia and the government. It will reach RM180 billion (US$38.6 billion) by 2020.” The United Kingdom (UK) Government’s Mobilization of Institutional Capital through Listed Product Structures (MOBILIST) program is here today.

The cooperation aims to support energy transition initiatives in Malaysia and enable greater investment to advance the United Nations Sustainable Development Goals (SDGs).

According to Nick Nazmi, this collaboration will be a catalyst for positive change and encourage more green investments across the region.

“I would also like to thank the UK Government for its leadership in establishing this programme. It is built on a strong foundation of cooperation between the two countries,” he added.

— Bernama



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