Malaysia plans to lift its ban on exports of renewable energy. The new plan is a part of the country’s efforts to develop its clean power industry, Rafizi Ramli, the minister of economic affairs said on Tuesday, May 9.
The Southeast Asian country, which currently generates just over 1% of its electricity annually from renewable sources, banned exports in October 2021. The goal was to increase the local industry.
“Reversing the ban will help firms build renewable power generation capacity on a larger scale. It will also take advantage of high demand from neighboring Singapore,” Rafizi Ramli said.
He did not specify when the export ban would be lifted.
Malaysia has pledged to cut its greenhouse gas emissions dramatically by 2030 and reach net-zero emissions by 2050.
The International Renewable Energy Agency (IRENA) said in March, that Malaysia will need to double its investments in renewable power capacity, infrastructure and energy efficiency to at least $375 billion in order to achieve that target.
The Malaysian government aims to increase the renewable energy supply to 70% of its total capacity by 2050. The current capacity is 25% of the total, Rafizi said.
Source: nasdaq.com
