KUALA LUMPUR: A comprehensive new energy policy would be designated to guide in addressing various issues across a number of energy-consuming sectors and to ensure its development is in line with global energy transition trends.
According to the 12th Malaysia Plan (2021-2025) document released by Economic Planning Unit through the new policy, the prospects for future energy-related growth would be explored, especially the potential of new energy from clean and sustainable energy sources including hydrogen.
"Currently, the energy sector does not have a policy that provides a comprehensive long-term strategic direction and is managed by several different ministries which results in inefficient use of energy in various sectors, especially transport, industry and commercial.
"The new energy policy will enable Malaysia to formulate long-term plans for low-carbon targets in the energy sector and environmental sustainability can be better addressed through the implementation of this new policy," the document said.
In addition, the document also proposes to establish a comprehensive communication plan to strengthen cooperation with stakeholders as well as facilitate efforts to educate consumers and raise awareness on the appropriateness of market liberalisation.
It said consumers have a limited understanding of the energy ecosystem including the long-term benefits of subsidy rationalisation and the lack of coordination of information delivery on market reforms in the energy sector causing dissatisfaction.
The new plan, it said, would ensure better acceptance by stakeholders as well as enable energy industry reforms to be implemented smoothly.
The document also said that in order to ensure that the oil and gas sub-sector grows progressively, the use of domestic petrol and diesel would be given priority as well as valuable petrochemical industry investment would be encouraged and the use of biofuels would be expanded.
"These efforts will improve the trade balance, stimulate economic growth, as well as ensure the sustainability of the oil and gas industry value chain and further enhance supply security," it said.
In addition, the direction of the chemical industry would be designated to ensure that it leverages technology and innovation by producing specialized chemical products as well as the establishment of a consortium to enhance the capabilities of local players in the oil and gas services and equipment sub-sector.
-- BERNAMA
Bernama
Mon Sep 27 2021
The new energy policy will enable Malaysia to formulate long-term plans for low-carbon targets in the energy sector and environmental sustainability can be better addressed through the implementation of this new policy. - BERNAMA
Malaysian military contractor sentenced to 15 years in US jail for bribery
Leonard Francis sentenced to 180 months in prison and ordered to pay US$20 million in restitution to the Navy and a US$150,000 fine.
China, Malaysia should push forward railway, industrial projects, China's Li says
Li Qiang says China is willing to "improve the layout of cooperation" with M'sia in various fields and to promote further visa facilitation.
Elon Musk is sued over $1 million election giveaway
Registered voters who signed his petition for a chance to win his $1 million-a-day giveaway now claim it was fraudulent.
Markets lean on 'Trump trade' as former president leads
Global investors were increasingly pricing in a win late on Tuesday for Republican Donald Trump.
Early takeaways from the US presidential election
Here are some takeaways as polls close across the country and votes are tabulated.
Musk now says it's 'pointless' to build a $25,000 Tesla for human drivers
An all-new affordable Tesla for human drivers had until recently been a linchpin of Teslas strategy to become worlds biggest automaker.
Trump takes lead in US presidential race but battleground states still too close to call
Republican Donald Trump leads in the US presidential election, broadly drawing more support than he did in his failed 2020 campaign.
NATO-type Southeast Asian security group not feasible, Philippines minister says
The Philippines calls on Southeast Asian leaders and China to urgently speed up negotiations on a code of conduct for the South China Sea.
‘I voted’: Anne Hathaway and Julia Roberts cast ballots in US election
Some celebrities are sharing that they have voted for Kamala Harris as the US goes to the polls.
Results of state-level abortion ballot measures in the US election
Here are the results as projected by Edison Research of voting on state-level ballot measures in the US Presidential election.
Americans gather in Kuala Lumpur for tense 2024 US presidential election watch
The event brought together expatriates, diplomats, and local political enthusiasts to watch the election results live.
Trump wins three states, Harris takes Vermont as first polls close in US presidential race
Polls close in the first nine US states, including critical Georgia and North Carolina.
PM to meet potential investors on day three of working visit to China
In Shanghai, the Prime Minister is expected to meet several companies and hold a round table session with 23 'captains of industry'.
Control of US Congress at stake in tight election battle
The outcome is crucial for how easily the US presidential election winner can govern until the next congressional elections in 2026.
Trump, Harris notch first statewide wins as polls close in US presidential race
The outcome of the race remained uncertain with critical battleground states unlikely to be called for hours or even days.
FBM KLCI rises in opening trade ahead of OPR, US election results
The FTSE Bursa Malaysia KLCI advanced 4.01 points to 1,624.71.
Trump says 'I feel very confident’ after casting ballot in Florida
Millions of Americans are voting to choose between Donald Trump and his Democratic rival Kamala Harris for the 47th president of the US.
Voters overwhelmingly say U.S. democracy is under threat as voting enters final hours
Democracy and the economy ranked by far as the most important issues for voters, with around a third of respondents citing each.
Anxious global investors brace for long-awaited US election results
Investors are wary of prolonged vote counts and contested results that could fuel volatility.
Netanyahu sacks defence minister, jolting Israeli politics as war grinds on
Netanyahu replaced Yoav Gallant with close ally Israel Katz to lead the country's war in Gaza and Lebanon.