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Malaysia Needs Up To Rm90 Bln To Fund Critical Energy Projects In Next 10 Years -- Nik Nazmi

Bursa Malaysia Bhd today inked a MoU with the United Kingdom’s (UK) Mobilising Institutional Capital Through Listed Product Structures (MOBILIST) programme to enable greater investment in energy transition. The ceremony was graced by Tengku Mahkota of Pahang Tengku Hassanal Ibrahim Alam Shah Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Syah. Also in attendance were Natural Resources and Environmental Sustainability Minister Nik Nazmi Nik Ahmad and British High Commissioner to Malaysia Ailsa Terry.

KUALA LUMPUR, April 16 (Bernama) -- Malaysia requires an allocation of RM60 billion to RM90 billion to fund critical projects involving energy transition over the next 10 years, said Natural Resources and Environmental Sustainability Minister Nik Nazmi Nik Ahmad.

He said the requirements encompass expanding public transportation, strengthening grid infrastructure, and upskilling the workforce.

“A crucial component will be a robust and adaptable grid to handle the increasing reliance on renewable energy sources.

“The estimated cost for grid development is likewise substantial, reaching RM180 billion (US$38.6 billion) by 2050, to accommodate Malaysia's clean energy ambitions,” he said in his speech at the memorandum of understanding (MoU) signing ceremony between Bursa Malaysia and the United Kingdom (UK) government’s Mobilising Institutional Capital Through Listed Product Structures (MOBILIST) programme here today.

The collaboration is aimed at enabling greater investment to support the energy transition initiative and advance the United Nations’ Sustainable Development Goals (SDGs) in Malaysia.

According to Nik Nazmi, the collaboration will be a catalyst for positive change, encouraging more green investments across the region.

“Our thanks also go to the UK government for its leadership in establishing this programme. This collaboration on sustainable finance builds on a strong foundation of collaboration between our countries, such as the existing MoU between the UK and Malaysia to jointly work towards addressing climate issues,” he added.

-- BERNAMA

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