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MIDA: RM54.7b green investments approved, mainly in renewable energy

MIDA: RM54.7b green investments approved, mainly in renewable energy

06 Dec 2023

Malaysian Investment Development Authority (Mida) has approved RM54.7 billion in green investments to date, with the bulk in renewable energy, specifically in solar projects, according to its deputy CEO, Investment Promotion and Facilitation, Sivasuriyamoorthy Sundara Raja.

Going forward, Sivasuriyamoorthy said, the agency is optimistic because of the National Energy Transition Roadmap (NETR) launched by the government earlier this year, which he deemed exceptional.

“So we feel very confident, we feel that we are able to attract more investments, green investments moving forward,” he said at ESG Evolve 2023 recently.

The government has said that it is committed to low-carbon development aimed at restructuring the economic landscape to a more sustainable one. In this context, the NETR sets the goal to accelerate energy transition and change the way energy is generated to improve climate resilience. NETR has developed the Responsible Transition Pathway 2050 to shift Malaysia’s energy systems from fossil fuel-based to greener and low-carbon systems.

NETR outlines 50 initiatives under the six energy transition levers and five enablers, in addition to the 10 flagship projects and initiatives announced in July 2023. The energy transition financing will be undertaken through a combination of grants, loans, rebates, incentives, and other investments to support the whole-of-nation approach.

NETR aims to power our future by unlocking potential in new growth areas and delivering progress and prosperity to Malaysian households and businesses.

Successful implementation of NETR will lift gross domestic product value from RM25 billion in 2023 to RM220 billion and generate 310,000 jobs in 2050.

Mida is one of the Malaysian agencies spearheading national level efforts to put in place all necessary policies, facilitation, and support to ensure that Malaysia is ready to host new green investments coming into the industry over the next few years.

Source: The Sun