The outlook for Green Technologies is promising in Malaysia, particularly given the heightened global emphasis on renewable energy, energy conservation, and environmental preservation. Beyond Malaysia’s existing RE targets through MyRER, an energy efficiency and conservation Act will be introduced to govern energy consumption among high-intensity consumers in the commercial and industrial sectors. This underscores Malaysia’s alignment with the ongoing global push for green growth, supported by businesses embracing ESG principles to enhance their global competitiveness.
Through MyRER, the Government is committed to transitioning to cleaner energy sources, aiming for carbon neutrality by 2050 by reducing economy-wide carbon intensity through GHG emission reductions.
The NEP outlines the Government’s 18-year energy priorities, emphasizing affordability, sustainability, energy security, and economic potential. Its roadmap guides the Low Carbon Aspiration 2040 initiative, targeting RM13 billion GDP contribution, 207,000 jobs, and RM9.2 billion investments.
Buildings contribute to nearly 50% of annual global CO2 emissions. Green building solutions have emerged to curb emissions and facilitate sustainable large-scale urbanisation. This approach mitigates the adverse effects of development while fostering positive impacts through environmentally sustainable surroundings.
With green growth at the core of the Twelfth Malaysia Plan 2021-2025 (12MP), the Government is pursuing a nation-wide strategy to boost the local green economy, working towards Malaysia’s net-zero emissions goal by 2050.
Moreover, the extension of the Green Investment Tax Allowance and Green Income Tax Exemption until 2023, along with the ITE extension for NEM participation under SEDA, is ongoing.