Rafizi: SE Asia economy to grow more if more renewable energy used


ECONOMIC Minister Rafizi Ramli said South East Asia’s (SE Asia) economy could grow by about 1.3% by 2030 if the region uses more renewable energy. 

He said green businesses in Asia are expected to reach US$4 trillion to US$5 trillion (RM21.9 trillion) as 24 million green jobs will be formed worldwide.

“While the phrase ‘clean growth’ is still new in Malaysia, the ambitions have already been set forth in this administration’s policies, strategies and plans — both national and sectoral — that serve as pathways to reducing our greenhouse gas (GHG) emissions intensity (against GDP) by 45% (from 2005 baseline levels) by 2030,” he said at a press conference after the launch of the UK-Malaysia Clean Growth Handbook.

During the event, Rafizi said the government will launch the Energy Transition Roadmap to implement the National Energy Policy for 2022-2040 and promote the green economy.

The handbook is the result of collaboration between the British High Commission and the Malaysian government to promote clean growth in Malaysia and suggest collaboration between Malaysian and UK organisations to tackle climate change and accelerate sustainable economic growth.

Commissioned by the British High Commission Kuala Lumpur, the handbook also presented collaboration opportunities between UK companies and Malaysian organisations to promote green economy based on the experience in Europe.

British High Commissioner to Malaysia Charles Hay said the UK has assisted Malaysia’s climate goals with energy, transport and finance projects.

“Our 2022 bilateral Climate Partnership Memorandum of Understanding (MoU) demonstrates our commitment to continue to work closely with Malaysia to address environmental challenges, through policy, trade and diplomacy,” he said.

Meanwhile, the British Malaysian Chamber of Commerce Jennifer Lopez believed that the handbook exemplifies UK-Malaysia collaboration in clean growth.

“By presenting unique opportunities for investors looking to enter the clean growth market in Malaysia, the report’s recommendations can help Malaysia achieve its net-zero goals, making it an attractive investment destination for those looking to invest in sustainable economic growth. 

“By working together, the UK and Malaysia can drive innovation and develop new solutions to build a cleaner, greener future for both countries and the world,” she said.

During the event, Rafizi also said the Malaysia’s GDP for the first quarter of 2023 (1Q23), which is to be announced by Bank Negara Malaysia (BNM), is expected to be more positive in challenging global headwinds.

He hoped it can stabilise the country’s economy in the next one or two years, which means balancing out the growth potential.Department of Statistics Malaysia (DoSM) is expected to release the 1Q23 GDP number on May 12, according to BNM website.