How to accelerate the 12th Malaysia Plan with the solar market

As 2020 is coming to an end with the severe impact of COVID-19 on a worldwide scale, nations and economies and businesses are in an attempt to reset, revitalize and recover from the pandemic crisis including the energy industry.

Malaysia is no doubt one of the hottest renewable energy markets in this part of the world with a great potential for investors. Malaysia’s solar PV industry is on the rise thanks to strengthening government support, growing investor confidence and reducing costs. Progress in Malaysia’s green energy has been made possible by the government’s concerted efforts to develop the industry.

The country is heading ahead as per the Green Technology Master Plan which was approved by the Malaysian Cabinet in 2017. This roadmap targets to achieve US$43 billion in revenue and creating more than 200,000 green jobs by 2030.

The Malaysian government has stressed for more rooftop PV in the recent years. Malaysia has the potential to generate more than enough electricity to meet its current demand if all the roofs in Peninsular Malaysia are fitted with solar panels. According to Ministry, there are over 4.12 million buildings with solar rooftop potential in the peninsular (West Malaysia) which could generate 34,194 MW of electricity if fitted with solar PV systems.

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The country's budget’s priority is to cement a sustained economic revival and business sustainability, focusing on short-term and long-term initiatives and strategies. The National Economic Recovery Plan and 12th Malaysia Plan (2021-2025) will also take on the medium and longer-term economic direction and policies.

Malaysia is already ASEAN's biggest solar PV employers, while its solar sector is well poised for more growth given the favorable conditions that are developing. The government has prioritized renewable energy development to not only reduce emissions and meet international climate goals but also in pursuit of broader socio-economic benefits.

The increasing liberalization is set to improve competition and grow investments in the solar PV sector. However, there is still a long way to achieve the 20% targeted use of renewable energy in generation mix by 2025.

To explore more potentials and help boost the renewable energy sector in Malaysia, Energy Box is going to hold an online event entitled “How to accelerate the 12th Malaysia Plan with the solar market" scheduled in December 18th, which is designed to provide you a most understanding of this market, including presentation and Q&A.