KUALA LUMPUR (Aug 14): Malaysia is on track to achieve its goal of net zero carbon emissions by 2050, but needs to keep attracting investor funding to keep up with the momentum of its energy transition,  said the Energy Industries Council (EIC) on Monday (Aug 14).

“We need external funding to do this. We must make renewable projects or energy transition projects attractive for the actual funds to come in [but like] any project, it is all about infrastructure. Investors are spending billions of dollars, and at the end of the day, all they want to see is returns (of their investments),” EIC regional director, Asia Pacific, Azman Nasir, said.

He was speaking to reporters after announcing that the Oil and Gas Asia 2023 conference would take place from Sept 13-15.

Azman was asked to comment on the recent EIC report on the energy supply chain shifts into oil and gas following a lack of consistent and profitable work in green projects.

According to the report, this shift raised concerns that net zero 2050 commitments would also be delayed.

“Malaysia can achieve its net zero carbon emission by 2050, but it depends on what else we will do. As for the National Energy Transition Roadmap, I am eager to wait for it. This is the first time that we have detailed action plans that we are going to do,” said Azman.

UK-based EIC is one of the world’s largest energy trade associations for companies that supply goods and services to the energy industries worldwide.

Established in 1943, the EIC is a not-for-profit organisation with a membership of over 900 companies worldwide, and its members range from major international contractors, operators and manufacturers to more specialised product and service companies.

https://www.theedgemarkets.com/node/678578