MAKING SENSE OF THE 3 SECTORS AS FOCUS AREAS FOR MTSO 2023/2024
ENERGY • Malaysia’s
commitment to renewable energy (RE) aligns with the global push for sustainability. In 2023, pursuant to the review of the existing RE policies by the Ministry of Economy in collaboration with the Ministry of Natural Resources, Environment and Climate Change, the Malaysian Government aimed to achieve its RE capacity target of 70% by 2050. This target supports Malaysia’s global climate commitment, which is to reduce its economy-wide carbon intensity (against GDP) of 45% in 2030 compared to 2005 levels, indicating significant growth potential in this sector. • Renewable energy technologies, such as solar panels, are becoming more affordable, making them viable alternatives to fossil fuels. This transformation has the potential to lower energy costs for both enterprises and consumers. Malaysia should embrace renewable and alternative energy in order to reduce its carbon footprint and contribute to global climate initiatives. This change not only improves energy security by diversifying the energy mix, but it also supports economic growth by creating jobs and stimulating innovation. Furthermore, establishing Malaysia as a green leader draws investment and corresponds with the growing worldwide desire for sustainable practices, assuring long-term economic resilience and environmental responsibility.
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