KUALA LUMPUR: The Malaysian Investment Development Authority (MIDA) has approved a total of 4,230 green technology projects worth RM41 billion up until last year, the Dewan Negara was told.
Deputy Investment, Trade and Industry Minister Liew Chin Tong said the project approval has also demonstrated Malaysia's significant growth in green technology investment.
"Most of the approved green technology projects are focused on the solar project segments. This clearly demonstrates Malaysia's prospects in green technology investment," he said.
Liew said this in response to a question from Senator Datuk Dr Dominic Lau Hoe Chai, who asked about the latest development of the strategic plan by the ministry to increase investment in green technology.
Lau also enquired about the extent of the cooperation by the ministry with external agencies in the effort to formulate that strategic plan.
Meanwhile, Liew said the government has also improved the green technology incentive through a tiering approach to further encourage investment in green technology in the country.
These incentives, he said, cover a broad range of green investment activities, including green hydrogen, electric vehicle charging stations and wind energy.
"These enhancements aim to stimulate both new and existing company investments to drive the country's achievement of carbon neutrality by 2050."
He said the government has implemented other initiatives after recognising the ability to meet demand for green energy usage is among the crucial factors considered by investors when deciding to develop investment projects.
He added this includes conducting a short-term study following the National Investment Council (MPN) during a meeting on Jan 9 to identify strategies to increase green investment and position Malaysia as a green investment destination.
"The study, among other things, will identify priority areas for green investment and synergies between green investment opportunities and identified sectors."
Previously, Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz said the ministry would formulate a strategic plan to increase green investment and make Malaysia a major regional green investment hub and destination following the council's meeting.
He had said the plan aims to achieve net zero carbon as early as 2050 in line with the New Industrial Master Plan 2030 (NIMP 2030) and the National Energy Transition Roadmap (NETR).