ENERGY TRANSITION
Energy transition is the move by the global energy sector away from fossil fuels such as coal, natural gas and oil towards renewable energy sources such as wind and solar energy. The energy transition requires long-term strategies from the global energy sector to create cleaner, sustainable options via an energy mix that will reduce carbon emissions as well as strategies for decarbonisation.
6 Energy Transition Levers:
• Energy Efficiency (Efficient Switch) • Renewable Energy (Renewable Energy Zone, Energy Storage, and Energy Secure) • Hydrogen (Green Hydrogen and Hydrogen for Power) • Bioenergy (Biomass Demand Creation) • Green Mobility (Future Mobility and Future Fuel) • Carbon Capture, Utilisation and Storage (Carbon Capture and Storage for Industry)
Benefits of Energy Transition:
a. Society Balanced economic outcomes with 70% of income gains to benefit medium- and low income households. b. Business RM120-180 billion investment opportunities in co-funded government facility to energy transition. c. Government 10-15% uplift in GDP value with spurring of new growth areas.
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Malaysian Technology Strategic Outlook 2023/2024 Energy, Healthcare & Space Industry
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