INTRODUCTION TO THE ENERGY INDUSTRY AND ITS DIRECTION TECHNOLOGY OVERVIEW
The global energy crisis and geopolitical volatilities have added new urgency to the industry and nation in accelerating the global energy transition towards a clean and sustainable economic growth. Technology has emerged as a powerful enabler in the energy sector, driving innovation, enhancing efficiency, and accelerating the adoption of clean energy solutions. The switch to lower and zero carbon technologies are the key levers available to emerging and developing economies to attain sustainable energy transition and climate targets. This section will explore key technologies in advancing sustainable solutions and reshaping the future of the energy industry.
• Smart Grid • Green Mobility • Renewable Energy • Carbon Capture, Utilisation and Storage
Malaysia Renewable Energy Roadmap (MyRER)
National Energy Policy (DTN) 2022- 2040
National Energy Transition Roadmap (NETR)
The Malaysia Renewable Energy Roadmap (MyRER) is aligned with and supports key environmental targets and policies in Malaysia. It sets a target of increasing renewable energy (RE) capacity to 31% share in the national installed capacity mix by 2025. MyRER supports Malaysia’s commitment to reduce GHG emission under the Paris Agreement led by United Nations Framework Convention on Climate Change (UNFCCC) in response to climate change threat. Under the Nationally Determined Contribution set in the Paris Agreement in August 2021, Malaysia has revised its commitment to reduce unconditional carbon intensity (against GDP) by 45% in 2030 compared to 2005 level.
The National Energy Policy (DTN) 2022-2040 aligns the energy sector to the country’s long- term plan of Wawasan Kemakmuran Bersama (WKB) 2030. Five Key Economic Growth Activities (KEGAs) under WKB are directly related to the energy sector such as sustainable mobility, Renewable Energy (RE), and green economy. DTN 2022-2040 is conceptualised to enable Malaysia to take progressive steps to future- proof and position the country to capture the advantages of an energy transition.
The National Energy Transition Roadmap (NETR) establishes the pathway for a national energy mix, GHG emission reduction, and energy transition initiatives. This reinforces Malaysia’s commitment to net-zero emissions as early as 2050 despite contributing only 0.8% to global GHG. By 2050, NETR initiatives are expected to deliver a 32% reduction in GHG emissions for the energy sector compared to the 2019 baseline reaching 4.3 MtCO 2 eq (Megatonne of CO 2 equivalent) emission per capita. NETR flagship catalyst projects cover six energy transition levers namely, energy efficiency (EE), renewable energy (RE), hydrogen, bioenergy, green mobility, and carbon capture, utilisation, and storage (CCUS); and are expected to attract investment of more than RM25 billion, create 23,000 job opportunities, and reduce GHG emissions by more than 10,000 Gg (Giga Gram) CO 2 eq per year.
MyRER, DTN, NETR, IRENA
Malaysian Technology Strategic Outlook 2023/2024 Energy, Healthcare & Space Industry 46
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