LIMA, Peru (Aug 15): Malaysia is actively conducting research on the energy mix by utilising the energy resources available in the country, said Deputy Prime Minister Datuk Seri Fadillah Yusof.
Fadillah, who is also the Minister of Energy Transition and Water Transformation, said the study was being detailed.
“At the same time, we need to improve the standard of our transmission line. Hopefully, we will be able to supply not only the energy that foreign countries are increasingly interested in investing in Malaysia, but also to display the future that we offer through NETR and our commitment to renewable energy,” he said.
In July last year, Malaysia launched the first phase of the National Energy Transition Roadmap (NETR) by introducing 10 key catalytic initiatives that will open energy transition investment opportunities, worth RM435 billion to RM1.85 trillion, by 2050.
Malaysia is able to provide a stable, competitive and financeable energy supply, which in turn will encourage investors to invest in Malaysia, Fadillah said on Thursday, during his visit to Peru to attend the Asia Pacific Economic Cooperation (Apec) Energy Ministers’ Meeting (EMM), which will last for two days, from Aug 15-16.
The meeting, hosted by Peru as Apec 2024 chair, is the highest meeting of Apec economic leaders responsible for energy development.
At the same time, he said Malaysia needs to start investing in energy storage or batteries.
“Although the cost is quite high and not many investors are interested in energy storage, this is one of the studies we will do.
Tenaga Nasional Bhd (KL:TENAGA) will conduct tests to determine the extent to which this energy storage technology is feasible and how we can improve it, so that the solar energy supply remains stable and does not disrupt our grid system,” he said.
Fadillah added that the fastest approach that can be financed by consumers now is solar energy, which has been launched from the large scale solar (LSS) programmes, LSS1 to LSS5.
He also said that the energy sector is now the focus of Apec.
“The world is now seeing the need to adopt clean energy, and the focus this time is how we can take advantage of renewable energy to benefit each country, while contributing to environmental sustainability,” he said, adding that it can also help develop the economy of each country.
Previously, Fadillah was reported to have said that the country’s energy sector represents 29% of gross domestic product and employs a quarter of the country’s workforce.
Therefore, changes in the energy system not only affect income and economic development, but also the lives of people who depend on affordable and reliable energy.
Fadillah also said that the use of new technology can help reduce the country’s dependence on fossil fuels, thus reducing carbon intensity by 45% in 2030, as signed in the Paris Agreement 2016.
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