KUALA LUMPUR, April 28 — Malaysia is in talks with richer nations, hoping to follow its neighbours Indonesia and Vietnam in striking a finance deal to transition away from...
KUALA LUMPUR, April 28 — Malaysia is in talks with richer nations, hoping to follow its neighbours Indonesia and Vietnam in striking a finance deal to transition away from polluting coal power towards more renewable energy, the country’s climate change minister said.
“We saw how Indonesia tapped into the just energy transition plan, and Vietnam as well. Conversations are ongoing,” he said during an interview at his ministry in Putrajaya, adding that he hoped an energy transition deal could be reached within the next one to two years. The government is also setting up an advisory team ahead of the COP28 climate summit, scheduled to take place in Dubai from November 30-December 12, which will enable Anwar to make “some major announcements” going into that conference, said Nik Nazmi, without offering further details.
Nonetheless, any green energy transition would not be “painless” due to Malaysia’s heavily subsidised electricity market and its reliance on gas and coal, he added — and the sooner decisions are made to help achieve its goals, the better. Nik Nazmi said Malaysia could match this due to its abundance of rare earth metals, also used in EV manufacturing.Many Malaysian states are keen to start such mining but the federal government is drafting a framework to ensure that rare earth minerals are not just shipped overseas, he added.
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