KUALA LUMPUR: Malaysia is set to transition away from coal power with coal-fired generation being gradually phased out and no new coal plants in the pipeline, said Deputy Prime Minister Datuk Seri Fadillah Yusof.
Fadillah, who is also the Energy Transition and Water Transformation Minister, said the effort is in line with the nation's commitment to transition towards a lower carbon energy system, moving away from fossil fuels and embracing cleaner and sustainable energy alternatives.
He said Malaysia aims to increase the share of renewable energy in our national electricity mix to 40 per cent by 2035 and 70 per cent by 2050.
"Currently, our renewable capacity stands at 28 percent and technological advancements will be critical to our progress.
"We are moving away from coal. Coal-fired generation will be gradually phased out, and no new coal power plants will be established…reducing coal dependency is critical to limiting global warming, and we are acting on that premise," he said.
He said this in his opening remarks at the Clean Energy Transition Asia (CETA) Summit 2024 in conjunction with the International Greentech and Eco Product Exhibition and Conference Malaysia (IGEM) 2024, at the Kuala Lumpur Convention Centre today.
Fadillah added that the government was moving towards enhancing the grid flexibility by investing in smart grids, digitalisation, and energy storage systems, with the target of 20 per cent increase in grid flexibility by 2035.
He said pushing for regional power grid integration is to further support and enhance energy security within member states.
Further to that the regional integrated grid can as well be the economic catalyst in fostering regional cooperation through cross-border renewable energy trade.
Meanwhile, as Malaysia prepares to assume the Asean Chairmanship in 2025, Fadillah said it marks a significant opportunity for this country to lead the region in advancing cross-border renewable energy trade.
"This is our moment to drive knowledge-sharing, advance policy innovations, and position Malaysia as a regional leader in the shift towards cleaner energy.
"We will demonstrate our unwavering commitment to sustainability and drive meaningful progress across Asean by leveraging our key industries, semiconductors, electric vehicles, and digitalisation," he said.
Fadillah added that as global demand for green electricity rises, Malaysia stands poised to seize this opportunity and aims to attract more foreign investments that will drive our nation's green economy forward.