Govt to allocate RM2bil for National Energy Transition Facility, says PM

The Star

The government will allocate RM2bil as seed funding for the National Energy Transition Facility (NETF), says Datuk Seri Anwar Ibrahim.  In his speech at the launch of Phase 2 of the National Energy Transition Roadmap (NETR), the Prime Minister on Tuesday (Aug 29) said the allocation is important given the state of Malaysia’s young decarbonisation technologies.  Read more at https://tinyurl.com/38nwpfzv  WATCH MORE: https://thestartv.com/c/news SUBSCRIBE: https://cutt.ly/TheStar LIKE: https://fb.com/TheStarOnline

Transcript

00:00 Energy efficiency, as one of the energy transition levers, offers effective long-term solutions

00:13 to manage our energy consumption, thus reducing carbon emissions.

00:19 The government will launch a major retrofit programme to enhance energy efficiency in

00:26 government buildings.

00:28 In this regard, an ESCO energy service companies platform will be established to connect private

00:37 ESCOs, which are mainly SMEs, with government projects.

00:44 The central role of the platform would be to serve as an intermediary that pulls government

00:50 building retrofitting projects and encourages public-private coordination in ESCO markets.

00:59 In May this year, the government set out an ambitious target to achieve 70% renewable

01:09 energy installed capacity by 2050 and lifted the ban on cross-border trade and renewable

01:18 energy.

01:19 A renewable energy exchange will be established.

01:23 Originally it was supposed to be at the end of the year, but Rafizieh insisted it should

01:26 be earlier.

01:27 So that will act as a market aggregator that will enable price discovery and monetise excess

01:35 power.

01:36 As the paramount challenge in energy transition is financing, it is estimated that an investment

01:43 of at least 1.5 trillion ringgit between 2023 and 2050 is needed to enable responsible energy

01:52 transition.

01:53 Within this decade alone, the government requires between 60 billion and 90 billion ringgit

02:00 to be allocated for crucial projects, among others expansion of public transportation,

02:07 strengthening grid infrastructure and reskilling of human capital.

02:13 Considering Malaysia's current state of mature decarbonisation technologies, our progress

02:19 will significantly hinge on alternative energy sources and robust regional and international

02:27 collaboration.

02:29 In this regard, the government will allocate 2 billion ringgit as seed fund for the National

02:36 Energy Transition Facility.

02:39 This facility will enable catalytic blended finance to ensure a seamless flow of financial

02:47 resources towards energy transition projects that are marginally bankable or yielding below

02:55 market returns.

02:56 For example, investment in EV value chain, hydrogen and CCUS technologies.

03:04 The National Energy Council will be activated to ensure holistic energy planning and policy

03:10 development while monitoring progress of the NETR.

03:14 Thank you.

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