“Miti aims for RM300 billion in green investments by 2030, crucial for achieving net zero by 2050, as outlined in its latest strategy.”
Kuala Lumpur, 20th Aug 2024, 12.46pm – Malaysia aims to attract up to RM300 billion in green investments by 2030, the Ministry of Investment, Trade and Industry (Miti) announced on Monday.
Miti Minister Tengku Datuk Seri Zafrul Abdul Aziz acknowledged that the target may seem “aggressive,” given that Malaysia attracted only around RM40 billion in investments in this sector between 2017 and 2023. However, he emphasized that these investments are crucial for the country’s sustainable future.
“It is essential to achieve the RM300 billion investment target by 2030, to ensure we reach net zero by 2050,” Zafrul stated during a press conference on green investment strategy.
The minister also highlighted that the majority of Malaysia’s green investments have come from the renewable energy (RE) and electric vehicle (EV) sectors.
He mentioned that RE made up approximately 60% of green investments until 2019, while EVs contributed 58% between 2020 and 2023.
“Our focus should not only be on boosting green investments but also on ensuring that these investments are diversified across various sectors, not just limited to EVs and RE,” he stated.
Regarding the upcoming Budget 2025, set to be presented on Oct 18, Minister Zafrul mentioned that his ministry is requesting budget allocations to encourage businesses, especially local companies and SMEs, to adopt greener practices.
“Financial support is necessary to help companies transition to green practices, as this involves higher costs,” he explained.
The Ministry of Finance, in its pre-Budget 2025 statement, emphasized its continued support for energy transition efforts through a legislative framework that promotes investment while protecting public interests.
