Malaysia has taken significant strides towards bolstering its renewable energy sector and embracing a green economy, as it unveiled the National Energy Transition Roadmap, reported by Nikkei Asia on July 31. This ambitious plan, released recently, comprises 10 flagship projects and initiatives aimed at promoting sustainable energy practices. Among these projects are the establishment of renewable energy zones, the promotion of biomass demand, development of carbon-capturing technologies, and the advancement of greener mobility solutions. Moreover, Malaysia has set a new target for renewable energy development, aiming to achieve 70% of its power mix from renewable sources by 2050. This represents a substantial increase from the previous target of 40% by 2035.
Currently, Malaysia heavily relies on coal and natural gas for power generation, with renewable energy, primarily hydropower, contributing only 16% to the total electricity generation. To bridge the gap and realize the 70% target, the country has introduced a rooftop solar development plan for residential properties. Through this initiative, millions of households will have the opportunity to lease their rooftops for solar power installation, providing them with a monthly income and reducing their energy bills. In addition, Malaysia has recently lifted the export ban on renewable energy, a move aimed at improving the profitability of the renewable industry and encouraging greater business engagement in the energy transition.