He said at the same time, the revision of the electricity tariff surcharge had resulted in a more climate-friendly consumption of energy by businesses, with more firms now transitioning to RE and becoming more energy-efficient.
"It was the right first move. Only by going towards such targeted subsidies can we see more rational and climate-friendly consumption of energy in Malaysia," he added.He called on the financial sector to join hands in facilitating this effort. However, the exact total of new investment required to reach net-zero emissions for the country was still being determined through comprehensive studies, he added.
Expressing optimism that the government could raise the required investments, Bursa Malaysia and WWF-Malaysia chairman Tan Sri Abdul Wahid Omar said it only made up 1% of Malaysia’s nominal GDP and would only require RM15bil to RM18bil to be raised a year. Abdul Wahid said 60% of the total estimated new energy investments would be commercially viable on their own without any government funding.
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