IN July, the Economy Ministry published the first phase of the National Energy Transformation Roadmap (NETR), with the goal of efficiently overseeing the energy transformation project.
Phase 1 outlines the strategic objectives of the government in fostering the growth of the green energy market and enhancing future capabilities.
This is achieved through the identification of 10 flagship catalyst projects, which are centred on six key energy transition pillars: energy efficiency, renewable energy, hydrogen, bioenergy, green mobility, and carbon capture, utilisation, and storage.
But it appears that NETR Phase 1 lacks comprehensive coverage of certain aspects, such as the subsequent actions to be undertaken or the precise measures required for the successful execution of the flagship projects.
The second phase of the NETR, set for a later date, will focus on key aspects including the low-carbon trajectory, the composition of the national energy portfolio, and targets for reducing emissions.
Malaysia may be able to speed up the decarbonisation process and reach net-zero emissions by 2050 by realising NETR.
However, attaining ambitious energy transition goals in a shorter time frame will demand significant financial resources.
The proposal looks implausible. Hence, more detailed and thorough actions will be required to complete that task.
The study of the nation's major economic sectors and the necessary emissions trajectory would help realise Malaysia's energy transition aspirations.
Basically, the notion of energy transition encompasses the transformation of an energy system that is predominantly reliant on fossil fuels into one that is characterised by the utilisation of clean and renewable energy sources.
To accomplish this objective, big investments are necessary, as there are significant prospects for the development of the outlined projects, which may be undertaken by both domestic and international investors.
The initial stage of the NETR implemented 10 significant initiatives with the objective of improving investment, promoting employment growth, and attaining an annual reduction of more than 10 million metric tonnes of CO2 emissions.
Companies that align their products and services with Malaysia's energy transition objectives have the potential to prosper and make significant contributions to the nation's economic and environmental goals.
Moreover, such companies can facilitate the generation of employment opportunities within the clean energy industry.
The NETR initiative provides insights into the strategies that Malaysia might use in order to achieve a sustainable energy future that is inclusive and equitable for all stakeholders.
The delay in the implementation of clean energy solutions will lead to considerably elevated expenses, encompassing the mitigation of climate consequences and the subsequent deployment of clean energy technologies.
Therefore, it is crucial for Malaysia to implement steps for the transition, and the NETR effort represents a noteworthy start.
It is anticipated that the incentive funding and other support measures will be crucial in facilitating the speedy progress of Malaysia's energy transformation, putting Malaysia on a path to potentially attaining net-zero emissions by 2050.
The writer is a senior lecturer at the Faculty of Maritime Studies, Universiti Malaysia Terengganu