KUALA LUMPUR (Sept 12): Malaysia must be at the forefront of innovating affordable technology to solve problems in our pursuit of green growth, including addressing food security and climate challenges, said Deputy Investment, Trade and Industry Minister Liew Chin Tong.

He said Malaysia has the best weather for most agricultural products, and hence, investments in agrotechnology should be undertaken, as the country should be known as the leader in green technology on all fronts.

“For instance, the Netherlands is a major exporter of food and agricultural products, despite its small geographical size and limited resources. It is the technology that tilts the balance,” he said during his keynote address at the National Climate Governance Summit (NCGS) 2024 on Thursday. 

He also said that to focus on green growth in Malaysia in the 2020s, several paradigm shifts need to be made, bringing the society along.

“Very often, those who think that the push for net zero is a cost centre, are looking at the current price structure.

“We will have to create a new price structure. For instance, we will have to start the conversation of carbon measurement, pricing, trading and taxing as soon as possible,” he stressed.

Liew noted that Malaysia is blessed with plenty of land covered by forests, and potentially more secondary forests.

“If there is a right price for carbon offset, protecting our forests would be something both noble and one that generates sustainable revenue,” he said. 

Liew pointed out that getting the price right also includes dealing with the federal-state incentive structure.

“At the moment, most of the revenue generated by the state governments is from exploiting natural resources and sprawling the cities, or for using lands in a way that is not sustainable.

“We need to get the price right to create more mechanisms for the states to generate revenue from sustainable sources,” he said.

Besides that, he said Malaysia will have to be very clear that investments must bring domestic benefits, and should not have adverse impact on climate.

“The National Investment Aspirations and the goals set out in the New Industrial Master Plan (NIMP) 2030 should be the subjects of public discussions, and not just the absolute monetary value of a certain investment project,” he said.

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