Malaysia government allocates a RM2 billion foundational fund for the National Energy Transition Facility – Prime Minister

KUALA LUMPUR: The government has earmarked RM2 billion as a foundational fund for the National Energy Transition Facility. Prime Minister, Datuk Seri Anwar Ibrahim, stated that this fund would enable financial collaboration as a catalyst to ensure a smooth financial resource for energy transition projects that face loan constraints or potential returns below the market rate.

“Given the current state of carbon decarbonization technology in Malaysia, our progress will continue to rely on alternative energy sources as well as the stability of regional and international cooperation. In line with this, the government will allocate RM2 billion as a foundational fund for the National Energy Transition Facility.”

“For example, investments in the electric vehicle (EV) value chain, hydrogen and capture, usage, and carbon storage (CCUS) technologies,” he said. He made these remarks in his opening speech at the TNB 2023 Energy Transition Conference held at the Kuala Lumpur Convention Centre (KLCC) today.

-DG