Sun, 25 Sep 2022

KUALA LUMPUR, Aug. 9 (Xinhua) -- Malaysia is eyeing greater investment flows with the implementation of a new energy policy, Minister in the Prime Minister's Department for Economic Affairs Mustapa Mohamed said on Tuesday.

In his opening remarks at the Sustainable Development Goal Seminar, Mustapa said Malaysia's Energy Policy 2021-2040, which will be unveiled later this month, will see the implementation of policies and regulations to make the most out of the country's move toward cleaner energy.

"I hope this policy will boost investment flows to advance our sustainable development goals. I sincerely hope that the national energy policy will contribute to a higher quality of life for Malaysians, both in terms of a stronger economy and a greener community," he said.

Mustapa noted that energy is a critical growth engine for the Malaysian economy, and while strides have been made since the country's independence, more needs to be done to make affordable and clean energy accessible to all.

"The Malaysian government, through long term socio-economic planning, has ensured high electricity access for Malaysians across the board. Today, about 98 percent of Malaysians have access to electricity, and we hope to reach 99 percent by 2025," he said.

"Today, the current challenge facing the energy sector is to make affordable and clean energy accessible to all and to shift away from a heavy reliance on fossil fuels," he added.

Mustapa said the global energy transition will create a range of challenges and opportunities for the energy sector as well as the broader Malaysian economy in cooperation with international partners.

"We are not alone. We acknowledge the need to strengthen international cooperation to ensure universal access to affordable and reliable energy," he said.

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