KUALA LUMPUR, June 20 — The government has reaffirmed its commitment to net-zero emissions by 2050 as well as increasing the share of renewable energy in power installed capacity from 25 to 70 per cent, said Natural Resources and Environmental Sustainability Minister Nik Nazmi Nik Ahmad.
He said the efforts supported by the introduction of Malaysia’s National Energy Transition Roadmap (NETR) that establishes the pathway for nation’s energy mix, greenhouse gas (GHG) emission reduction and energy transition initiatives.
Nik Nazmi said achieving Malaysia’s net zero targets require careful balancing of an energy trilemma to ensure sustainable, secure and affordable energy for the future.
“The recent National Climate Change Action Council (MTPIN) meeting agreed to set up a National Decarbonisation Committee, which I will chair. Made up of the state governments and other stakeholders, its role is to ensure Malaysia’s transition to low-carbon development is orderly and inclusive.
“The MTPIN also agreed that there should be a speeding up of various policies such as NETR, as well as the New Industrial Masterplan (NIMP) 2030, and the Hydrogen Economy and Technology Roadmap (HETR),” he said in his special address at the SIDC Sustainable and Responsible Investment (SRI) Conference 2024 here, today.
SIDC SRI Conference 2024 emphasises the need of global unity in prioritising sustainable investments for human wellbeing and the planet amidst escalating environmental challenges.
The conference looks into issues revealed by COP28 that current efforts are insufficient to limit global warming to 1.5°C, necessitating immediate action.
Securities Industry Development Corporation (SIDC) chief executive officer Tengku Zarina Tengku Chik said Malaysia has witnessed a significant surge in sustainable investments driven by supportive policy frameworks and initiatives such as the SRI Roadmap and SRI Taxonomy.
“The introduction of the Maqasid Al-Shariah Guidance further fortifies Malaysia’s commitment to sustainability, highlighting the crucial role of mobilising investments for human wellbeing and environmental preservation,” she said in her welcoming remarks.
According to the Securities Commission Malaysia’s annual reports, there were 68 sustainable and responsible investment funds in Malaysia with net asset value of RM7.7 billion as of December 2023, a significant increase from just seven SRI funds in 2020 with net asset value of RM1.46 billion.
Meanwhile, Nik Nazmi said that Malaysia stands ready to play its role in supporting the energy transition within and beyond the borders through commitment and collaboration, both local and global.
He said that Malaysia has committed its Nationally Determined Contributions to an unconditional reduction of greenhouse gas (GHG) emission intensity by 45 per cent in 2030, as compared to 2005 level, while expanding the GHG coverage to seven types from the initial three.
“Against a backdrop of an imminent climate crisis, the theme for today’s conference, ‘Investing in Human Wellbeing and the Planet’ is one that every organisation in Malaysia should embrace urgently. As we face an increasingly uncertain climate and a rapidly changing world, it is more important than ever to shift our collective consciousness towards a deeper understanding of humanity’s role in this crisis,” he said.
To fully realise a sustainable future for the country, he said Malaysia need a whole of-nation approach encompassing federal and state governments, industry, and the general public to catalyse the growth of the green economy, create a resilient community, and nurture a sustainable planet.
The SIDC SRI Conference 2024 convenes industry players, policymakers, business leaders and stakeholders. The conference facilitates dialogue, identifies shortcomings and strategise actionable steps to support Malaysia’s commitment to sustainability. — Bernama
