Malaysia’s transition to clean energy is a higher priority than ever, with new policy frameworks being designed to encourage the industrial growth and adoption of renewables. The Ministry of Economy estimates that the investments needed to make this happen amount to more than 600 billion ringgit (US$143 billion).
However, the country has historically been heavily dependent on fossil fuels, particularly the oil and gas sector, for jobs, exports and fiscal revenue. Blanket petrol subsidies remain in place to help the average Malaysian cope with the rising cost of living. In a bid to increase adoption of renewable energy, the government has gradually phased out electricity subsidies and boosted incentives for solar panel installations. The private sector has also stepped up with financing mechanisms to fund climate action, which include a newly launched carbon exchange and financing solutions for renewable energy and electric vehicles.
How can Malaysia unlock greater capital for a just and equitable transition? What frameworks are needed to mobilise transition finance for hard-to-abate sectors such as oil and gas, heavy industries, agriculture and shipping? How will the country’s carbon market and sustainability reporting mechanisms help pave the way towards fulfilling its nationally determined contributions, all while ensuring social and environmental protection?
Unlocking capital for sustainability 2023: Malaysia will convene leaders and decision makers to discuss the nuances of the current landscape for sustainable finance in the country and explore the opportunities ahead.
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