Govt to prioritise RE, circular economy practices & CCUS towards net zero: Tengku Zafrul - MIDA | Malaysian Investment Development Authority
contrastBtngrayscaleBtn oku-icon


plusBtn crossBtn minusBtn


This site
is mobile


Govt to prioritise RE, circular economy practices & CCUS towards net zero: Tengku Zafrul

Govt to prioritise RE, circular economy practices & CCUS towards net zero: Tengku Zafrul

27 Jul 2023

The government will prioritise innovative projects such as renewable energy (RE), circular economy practices and carbon capture, utilisation, and storage (CCUS) to further embrace the industrial sector transformation towards a net-zero future.

Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Abdul Aziz (pix) said these would be among the key focus areas under the New Industrial Master Plan 2030 (NIMP2030), which is set to be launched by Prime Minister Datuk Seri Anwar Ibrahim in a month’s time.

“The NIMP’s goal is to build a greener, decarbonised economy that aligns with the global sustainability agenda.

“This includes achieving as many of the United Nations Sustainable Development Goals as possible by 2030, and Malaysia’s net-zero emissions target by 2050,” he said in his keynote address at the strategic collaboration signing ceremony between Citaglobal Bhd and Masdar here, today.

Tengku Zafrul said the master plan would outline the Ministry of Investment, Trade and Industry’s (Miti) strategic direction for the sustainable and inclusive growth of the manufacturing sectors right through to 2030.

Through this, Miti would adopt a mission-based approach to drive the industrial transformation in four ways, namely advancing economic complexity; embracing technology and digital transformation; striving for a net-zero future and a decarbonised economy; as well as ensuring economic security and inclusivity for all.

He said the NIMP2030 is crucial as global investments are increasingly shifting towards the green energy transition.

The International Energy Agency has projected that more than US$1.7 trillion (US$1=RM4.52) will be invested in clean energy this year, an increase of more than 50 per cent from last year, he said.

Meanwhile, Citaglobal and Masdar has partnered to work on future RE projects around the world, including projects involving battery energy storage systems.

Masdar, also known as the Abu Dhabi Future Energy Company, has become a global leader in RE and sustainable development.

“Miti perceives both Citaglobal and Masdar as strong partners and allies in diversifying Malaysia’s energy sources, while contributing to our economic complexity, to achieve a strong, sustainable growth that we have envisaged via the NIMP2030,” added Tengku Zafrul.

Source: Bernama