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Clean Energy Transition Requires Broad Financing, Tech and Infrastructure Support — Anwar

Addressing challenges and opportunities in clean energy while ensuring a “just transition” requires broad support, particularly in financing, incentives, technology and infrastructure, said Prime Minister Datuk Seri Anwar Ibrahim.

“Malaysia will therefore welcome continuous support and cooperation from Japan, Australia, and others as we seek to accelerate our energy transition journey,” he said in his remarks at the Asia Zero Emission Community (Azec) Leaders Meeting in Tokyo on Monday.

On its own, Malaysia will continue to pivot on practical solutions that drive progress, balancing climate ambition, sustainability and economic growth.

“My government has in August launched Malaysia’s National Energy Transition Roadmap (NETR), drawing from, among others, Azec initiatives,” he said.

Malaysia also believes that energy transition should be just, inclusive and equitable, with a way forward that includes a progressive cooperation and collaboration model, he added.

Malaysia is optimistic that Azec will serve as a long-standing platform, promoting mutually beneficial cooperation in energy transition, particularly in our region, he said.

Azec is a collaborative platform aimed at advancing carbon neutrality and energy transition to achieve zero emission targets.

Japan has committed to providing financial support of up to US$8 billion (RM37.5 billion) until 2030 for renewable energy projects and energy-saving initiatives within Azec member countries.

Azec countries include Australia, Brunei, Cambodia, Indonesia, Japan, Laos, Malaysia, Philippines, Singapore, Thailand and Vietnam.

Anwar also commended Japanese Prime Minister Fumio Kishida for the Azec initiative. Meanwhile, Kishda in his opening address at the summit said Japan is ready to help Asean achieve zero emissions through multiple pathways.

Decarbonisation comes with multiple challenges, with innovation being key and also where Japan is ready to take the lead, he added.

He pointed to Japan's Green Transformation (GX) Basic Policy that outlines regulatory, financing and technology development priorities for the green transformation of various industrial sectors, with a key pillar of the policy being the support for energy transition in Asia.

Kishida said under the policy launched in 2022, more than 350 projects have been launched in Azec partner nations with collaboration from Japanese investors.

Although the decarbonisation of Azec is a costly affair, Kishida said he is confident that the decarbonisation market will attract capital from around the world.

Source: Bernama

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