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A United Arab Emirates’ clean energy powerhouse has joined forces with the Malaysian Investment Development Authority (MIDA) in a landmark agreement that will see an RM 38.14 billion (US$ 8 billion) investment in renewable energy projects in Malaysia.
This partnership is set to play a pivotal role in Malaysia’s journey towards a more sustainable and greener future. The collaboration will involve the development of up to 10 gigawatts (GW) of renewable energy projects in Malaysia by 2035. These projects will encompass a range of initiatives, including ground-mounted and rooftop solar power plants, onshore wind farms, and cutting-edge battery energy storage systems.
The signing of this Memorandum of Understanding (MoU) was attended by distinguished figures including the Prime Minister of Malaysia; the UAE Minister of Industry and Advanced Technology who is also the Chairman of the company and the COP28 President-Designate. Also present were the UAE Minister of State, Malaysia’s Minister of Investment, Trade, and Industry (MITI), Malaysia’s Minister of Foreign Affairs, and the Ambassador of Malaysia to the UAE.
The MoU was signed by the Chief Executive Officer of the company and the Chief Executive Officer of MIDA. This momentous partnership holds great promise for both nations.
The UAE Minister of Industry and Advanced Technology, Chairman of the company and COP28 President-Designate, expressed the significance of this agreement in the context of the UAE’s dedication to supporting renewable energy development both domestically and internationally. This partnership aligns with Malaysia’s National Energy Transition Roadmap and demonstrates the UAE’s commitment to global decarbonisation and an inclusive energy transition.
The MITI Minister stressed the importance of enhancing bilateral ties between Malaysia and the UAE, especially in industries that can help both nations navigate global uncertainties and identify mutually beneficial opportunities. The UAE’s leadership in clean energy and low-carbon solutions is commendable, making the investment and 10GW of renewable energy capacity from Masdar a welcome development in line with Malaysia’s New Industrial Master Plan 2030 and National Energy Transition Roadmap.
The Chief Executive Officer of the company highlighted its expertise in delivering sustainable projects and its commitment to helping Malaysia achieve its ambitious renewable energy targets. The focus is on generating energy efficiently through cutting-edge technologies and contributing to Malaysia’s goal of achieving 70% renewable energy capacity and net-zero emissions by 2050.
The Chief Executive Officer of MIDA stressed that the partnership with the company represents a significant step in Malaysia’s pursuit of sustainable energy. It reflects the nation’s commitment to driving positive change and embracing a transition to a greener and more sustainable future.
MIDA has actively engaged with industry partners in Malaysia to foster innovation and develop solutions aimed at reducing carbon emissions. This commitment extends into the future, recognising the growing importance of renewable energy sources in the global context.
The MoU signifies a remarkable step forward in Malaysia’s sustainable energy journey. This collaboration promises significant advancements in the renewable energy sector, marking a substantial contribution to Malaysia’s sustainable energy transformation. The commitment of both the UAE and Malaysia to driving innovation and sustainability is a beacon of hope in the ongoing global efforts to combat climate change and transition to cleaner and more sustainable energy sources.
OpenGov Asia reported earlier that in the first half of 2023, Malaysia attracted investments totalling RM 132.6 billion (US$ 28.4 billion) across various sectors, setting a confident tone for its economic growth. These investments are projected to create approximately 51,853 job opportunities, a testament to Malaysia’s appeal to investors worldwide.
Green technology saw a significant uptick, with RM 1.3 billion (USD 268.0 million) in approved investments, reflecting a 21.9% year-on-year growth. These investments span renewable energy, energy conservation, waste management, green buildings, and services, aligning with Malaysia’s National Energy Transition Roadmap (NETR).
