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Nik Nazmi: Malaysia needs up to RM90b to fund critical energy projects in next 10 years

Publish date: Tue, 16 Apr 2024, 07:52 PM

KUALA LUMPUR, April 16 — Malaysia requires an allocation of RM60 billion to RM90 billion to fund critical projects involving energy transition over the next 10 years, said Natural Resources and Environmental Sustainability Minister Nik Nazmi Nik Ahmad.

He said the requirements encompass expanding public transportation, strengthening grid infrastructure, and upskilling the workforce.

“A crucial component will be a robust and adaptable grid to handle the increasing reliance on renewable energy sources.

“The estimated cost for grid development is likewise substantial, reaching RM180 billion (US$38.6 billion) by 2050, to accommodate Malaysia’s clean energy ambitions,” he said in his speech at the memorandum of understanding (MoU) signing ceremony between Bursa Malaysia and the United Kingdom (UK) government’s Mobilising Institutional Capital Through Listed Product Structures (Mobilist) programme here today.

The collaboration is aimed at enabling greater investment to support the energy transition initiative and advance the United Nations’ Sustainable Development Goals (SDGs) in Malaysia.

According to Nik Nazmi, the collaboration will be a catalyst for positive change, encouraging more green investments across the region.

“Our thanks also go to the UK government for its leadership in establishing this programme. This collaboration on sustainable finance builds on a strong foundation of collaboration between our countries, such as the existing MoU between the UK and Malaysia to jointly work towards addressing climate issues,” he added. — Bernama

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