Speaking at the Energy Transformation Conference in the capital Kuala Lumpur on Monday, the minister stated that the roadmap for the green hydrogen economy and technology, which the government plans to announce later this year, will also include strategies to attract investments to this field.
The minister was quoted by Bloomberg news agency saying that the federal government, in cooperation with state governments and utility companies like Tenaga Nasional, is enthusiastic about exploring the potential of this new energy source and its economic impact.
The Malaysian news agency Bernama noted that Prime Minister Anwar Ibrahim stated in June of last year that the roadmap for the hydrogen economy will generate revenues of up to 12.1 billion ringgit ($2.6 billion) annually for the country, with its contribution to the Gross Domestic Product projected to reach between 49 and 61 billion ringgits annually by 2030.
According to the Minister of Environment, this move is in line with Prime Minister's efforts to support renewable energy through the National Energy Transition Roadmap, the first part of which was unveiled last month.
The second part of the plan is expected to be introduced by the Prime Minister tomorrow, Tuesday.
It's worth noting that Malaysia recently lifted the ban on renewable energy exports as part of its endeavor to position itself as a regional hub in the renewable energy sector.
In May of last year, the government raised its target for renewable energy production to 70% of its total electricity generation by 2050, up from 40%, requiring investments worth 637 billion ringgit.
On another note, the Minister of Environment mentioned that Malaysia is progressing towards achieving the goal of establishing 10,000 public charging stations for electric vehicles by 2025.
The government aims to have 1.5 million electric vehicles in the country by 2040.
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