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Over RM90 Bil Investment Needed to Fund Crucial Energy Projects In Malaysia

KUALA LUMPUR: According to Natural Resources and Environmental Sustainability Minister Nik Nazmi Nik Ahmad, Malaysia would need an allocation of RM60 billion to RM90 billion from the government for the next 10 years to fund critical projects revolving around energy transition.

The projects would involve improving the public transportation sector, strengthening grid infrastructure and workforce upskilling.

Nik Nazmi explained that it is important to have a robust and adaptable grid to handle the increasing reliance on renewable energy sources.

He also added that the estimated cost for the grid alone could reach over RM180 billion by 2050.

He said this during a memorandum of understanding (MoU) signing ceremony between Bursa Malaysia and the UK government’s Mobilising Institutional Capital Through Listed Product Structures (MOBILIST) programme in Kuala Lumpur today.

Nazmi said that the collaboration – aimed at enabling greater investment and advancing the UN’s Sustainable Development Goals (SDGs) in Malaysia – will be a catalyst for positive change that could encourage 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.

Improving Electricity Supply In Sarawak

Meanwhile, Sarawak Energy Bhd provided an allocation of RM42 million last year to finance several improvement projects in Sibu, Kanowit, Kapit, Daro and Dalat, which will ensure the stability of electricity supply to consumers.

Earlier this month, the company’s Group Chief Executive Officer Datuk Sharbini Suhaili said that the allocation is used to fund the construction of a new substation in Kemuyang (Sibu).

The new substation is aimed at increasing the electricity supply and managing the distribution system.

He also mentioned that Sawarak Energy will implement a smart grid project to help achieve the desired level of supply security and reliability.

The smart grid project is expected to be fully implemented by 2025.

“As the main electricity supplier in the state, Sawarak Energy achieved an almost full electricity rate throughout the state,” Sharbini added.

— BERNAMA

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