PETRA, EC DEVELOPING NEEAP 2.0 TO BOOST JOB OPPORTUNITIES, BUSINESS POTENTIAL AND INVESTMENTS - DPM FADILLAH

The Ministry of Energy Transition and Water Transformation (PETRA) and the Energy Commission (EC) are developing the National Energy Efficiency Action Plan 2.0 2026-2035 (NEEAP 2.0) to continue the government's efforts to achieve the targets of the National Energy Transition Plan.

Deputy Prime Minister Datuk Seri Fadillah Yusof said the government expects more job opportunities, business potential and investment to be created for the benefit of the people and the country through the implementation of NEEAP 2.0.

He said the government had previously launched the National Energy Transition Roadmap (NETR) which outlined the country's efforts and commitment towards achieving a sustainable and inclusive energy system.

"NETR proves the government's determination in implementing the energy transition initiative from a traditional fossil fuel-based economy to a high-value green economy.

"It is also to ensure that this sustainable economic transformation is capable of generating new sources of growth, creating business opportunities and trade potential," he said on the second day of the Bumiputera Economic Congress (KEB) 2024.

The NETR was launched by Prime Minister Datuk Seri Anwar Ibrahim in August 2023, potentially strengthening Malaysia's commitment to achieving the aspiration of net zero greenhouse gas (GHG) emissions by as early as 2050.

Fadillah who is also the Minister of Energy Transition and Water Transformation said the government has set a commitment to increase the mix of renewable energy (RE) capacity in the country's electricity supply to 70% by 2050 compared to 25% currently.

"This effort requires cooperation and the involvement of the government, the private sector and the people to ensure the success of all RE initiatives and programmes to achieve the target," he said.

According to him, efforts to realise the energy transition target will be done comprehensively based on careful consideration of several capacity factors such as the grid system, demand for green electricity supply, economic spillover value and willingness to pay by consumers.

He said the energy transition aspirations will be realised through the implementation of several initiatives including the development of solar power plants to increase the supply of green electricity at a reasonable cost, utilising the roof space of buildings or water surfaces for the installation of solar systems to avoid land reclamation and exploring the development of a regional grid system under the Asean Power Grid initiative.

He said the implementation of various initiatives could open up more business opportunities and new economic potential to be utilised and enjoyed by all parties, including small and medium enterprises (SMEs), especially bumiputera entrepreneurs.

"All these initiatives are a catalyst for the implementation of more RE programmes as well as enabling the involvement and participation of more bumiputra entrepreneurs in the energy transition agenda," he said.

KEB 2024 which started on 29th February will draw its curtain on 2nd March. The congress involved the presentation of findings from the management engagement session covering 10 groups.

Among the groups are those on Education Reform and Human Capital, Technical and Vocational Education and Training (TVET) Main Career Choices, Halal Industry Strengthening, Rural Development and Indigenous Community Empowerment.