ASEAN Green Initiatives Can Generate Additional US$300 Bln By 2030
BUSINESS
Malaysian Investment Development Authority (MIDA) Chief Executive Officer Datuk Sikh Shamsul Ibrahim Sikh Abdul Majid delivers his keynote address during the ASEAN Business Forum 2025 held at a hotel here today. --fotoBERNAMA (2025) COPYRIGHT RESERVED
KUALA LUMPUR, May 29 (Bernama) -- ASEAN could generate an additional US$300 billion annually in green revenues and unlock up to US$1.5 trillion in new value by 2030 with advancing green investments and cross-border collaboration in regional power grids, carbon markets, and clean energy incentives (US$1=RM4.23).
Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Aziz said Malaysia's green investment strategy has delivered close to 1,000 approved projects in 2024, channelling RM20.8 billion into the economy and creating thousands of future-ready jobs.
"We are pushing for key frameworks and regulatory provisions to put our green ambition into action.
'These include the ASEAN Taxonomy for Sustainable Finance, Sustainable Investment Guidelines, and the Greening Value Chain Playbook," he said in his keynote address at the ASEAN Business Forum 2025 here today.
His speech was delivered by Malaysian Investment Development Authority (MIDA) chief executive officer Sikh Shamsul Ibrahim Sikh Abdul Majid.
Tengku Zafrul said there is also the ASEAN strategy for carbon neutrality, with initiatives such as harmonising carbon markets and measurement standards; advancing carbon capture, utilisation, and storage (CCS/CCUS) technologies; and creating a just transition framework for workers and communities.
He said this facilitates the corporate sector's pivot toward sustainable, climate-friendly growth.
'Perhaps, the most transformative is the ASEAN power grid (APG). With 18 cross-border power projects in the pipeline and over 60 renewable energy sites identified, the APG stands as a flagship for ASEAN's sustainable energy transition," he said.
Quoting studies, he said the APG could add up to US$3 trillion in gross domestic product (GDP) value by 2050 and create 1.45 million jobs regionally.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Malay Mail
27 minutes ago
- Malay Mail
What is the Strait of Hormuz — and why one-fifth of global oil is at risk as Iran threatens closure
TEHRAN, June 23 — Iran's top security body must make the final decision on whether to close the Strait of Hormuz, Iranian TV said yesterday, after parliament reportedly backed the measure in response to US strikes on several of Tehran's nuclear sites. Iran has in the past threatened to close the strait but has never followed through on the move, which would restrict trade and impact global oil prices. Below are details about the strait: A map showing the Strait of Hormuz is seen in this illustration taken June 22, 2025. — Reuters pic What is the Strait of Hormuz? The strait lies between Oman and Iran and links the Gulf north of it with the Gulf of Oman to the south and the Arabian Sea beyond. It is 21 miles (33km) wide at its narrowest point, with the shipping lane just 2 miles (3km) wide in either direction. Oil tankers pass through the Strait of Hormuz, December 21, 2018. — Reuters pic Why does it matter? About a fifth of the world's total oil consumption passes through the strait. Between the start of 2022 and last month, somewhere between 17.8 million and 20.8 million barrels of crude, condensate and fuels flowed through the strait daily, data from analytics firm Vortexa showed. Opec members Saudi Arabia, Iran, the United Arab Emirates, Kuwait and Iraq export most of their crude via the strait, mainly to Asia. The UAE and Saudi Arabia have sought to find other routes to bypass the strait. About 2.6 million barrels per day (bpd) of unused capacity from existing UAE and Saudi pipelines could be available to bypass Hormuz, the US Energy Information Administration said in June last year. Qatar, among the world's biggest liquefied natural gas exporters, sends almost all of its LNG through the strait. The US Fifth Fleet, based in Bahrain, is tasked with protecting commercial shipping in the area. History of tensions In 1973, Arab producers led by Saudi Arabia slapped an oil embargo on Western supporters of Israel in its war with Egypt. While Western countries were the main buyers of crude produced by the Arab countries at the time, nowadays Asia is the main buyer of Opec's crude. The US more than doubled its oil liquids production in the last two decades and has turned from the world's biggest oil importer into one of the top exporters. During the 1980-1988 Iran-Iraq War, the two sides sought to disrupt each other's exports in what was called the Tanker War. In July 1988, a US warship shot down an Iranian airliner, killing all 290 aboard, in what Washington said was an accident and Tehran said was a deliberate attack. In January 2012, Iran threatened to block the strait in retaliation for US and European sanctions. In May 2019, four vessels — including two Saudi oil tankers — were attacked off the UAE coast, outside the Strait of Hormuz. Three vessels, two in 2023 and one in 2024, were seized by Iran near or in the Strait of Hormuz. Some of the seizures followed US seizures of tankers related to Iran. — Reuters
Barnama
2 hours ago
- Barnama
Penang Port Invests RM37 Mln In Four Hybrid RTG Cranes To Enhance Efficiency, Sustainability
REGION - NORTHERN > NEWS GEORGE TOWN, June 23 (Bernama) -- Penang Port Sdn Bhd has invested US$7.88 million (RM37 million) in acquiring four new hybrid rubber-tyred gantry (RTG) cranes from Mitsui E & S Co Ltd, Japan, to enhance operational efficiency and promote environmental sustainability. In a statement today, Penang Port said the addition of these four new hybrid RTGs brings the total to 11 hybrid units as part of the 31-unit RTG fleet and this significant upgrade underscores its commitment to innovation. Penang Port began its hybrid RTG journey with three units in 2019 before adding four more in 2020. bootstrap slideshow 'Hybrid RTG cranes play a crucial role in modern port operations by efficiently loading and stacking intermodal containers with impressive accuracy. What sets these machines apart is their innovative use of both diesel and electric battery power. 'We anticipate a 50 per cent reduction in fuel consumption and emissions with the addition of these hybrid cranes, leading to significant cost savings compared to traditional diesel-powered RTGs,' the statement said. Meanwhile, chief executive officer Datuk Sasedharan Vasudevan said the investment underscores Penang Port's commitment to enhancing operational efficiency while fostering a greener and more sustainable port environment. 'With these new RTGs, we will significantly improve our container handling capacity, optimise our operations, and most importantly, reduce our carbon footprint, paving the way for a healthier future. 'The arrival of four hybrid RTG cranes represents a significant advancement for Penang Port and the communities it serves,' he added. In addition to the operational benefits, this initiative aligns closely with Penang Port's strong environmental, social, and governance (ESG) sustainability goals. It encompasses aspects of the port's operations, from minimising carbon footprint and improving waste management practices to optimising resource utilisation.
The Sun
2 hours ago
- The Sun
Malaysia, EFTA ink landmark economic partnership deal
KUALA LUMPUR: Malaysia and the European Free Trade Association (EFTA) member states have signed an economic partnership agreement, opening a new chapter for Malaysia's trade, investment and economic relations with Switzerland, Norway, Iceland and Liechtenstein. The Ministry of Investment, Trade and Industry (MITI) said that besides the Malaysia-EFTA Economic Partnership Agreement (MEEPA), both Putrajaya and the EFTA member states also inked a memorandum of understanding (MOU) on cooperation and capacity building as well as a joint statement on sustainable palm oil. 'As a trading nation, it is important for Malaysia to maintain its neutral and non-aligned stance, particularly in the face of current geopolitical uncertainties that complicate the global trading landscape,' MITI Minister Tengku Datuk Seri Zafrul Aziz said in a statement here today. He said Malaysia's unwavering neutrality and non alignment is also reflected in the signing of MEEPA, which is its 18th free trade agreement (FTA) thus far and is part of the country's enhanced attempt to diversify its markets amid global economic uncertainties. 'As Malaysia's first FTA with several European countries, MEEPA is also expected to pave the way for expedited Malaysia-EU FTA negotiations. 'The trade potential to be realised will provide more business opportunities for local companies, including small and medium enterprises, and offer higher-paying jobs for Malaysians – both key in driving our economic transformation agenda,' he added. MEEPA was signed in Tromsø, Norway, today by Tengku Zafrul, Norway's Minister of Trade and Industry Cecilie Terese Myrseth, Iceland's Minister of Finance and Economic Affairs Daði Már Kristófersson, Liechtenstein's Deputy Prime Minister and Minister of Foreign Affairs, Environment and Culture Sabine Monauni, Switzerland's Vice President and Federal Councillor Guy Parmelin. The pact covers goods, services, investments, intellectual property rights, customs facilitation, competition policy, sanitary and phytosanitary, trade and sustainable development, government procurement and economic cooperation. 'It is expected to bring new export opportunities and enable Malaysia to continue attracting high technology and knowledge-based investments from those four non-EU member countries. 'Upon entry into force, the agreement guarantees long-term duty-free access to more than 90 per cent of Malaysia's exports, including all industrial products, to the four signatory countries, securing benefits that were previously offered under the temporary unilateral scheme of Generalised System of Preferences (GSP),' MITI said. In 2024, Malaysia's trade with the EFTA was valued at RM14.4 billion. Over 85 per cent of Malaysia's exports to these countries were industrial products covering electrical and electronics, optical and scientific instruments, metal products, plastics and rubber-based products. MITI said that of the four member states, Switzerland accounted for over 80 per cent of trade amounting to RM12.2 billion, followed by Norway at RM2.1 billion. Cumulatively, Switzerland, Norway and Liechtenstein have invested RM14.2 billion in Malaysia, resulting in the creation of over 24,000 job opportunities. 'A prime example is the Malaysian Cocoa Board's collaboration with the renowned Swiss company Nestlé to develop KitKat Dark Borneo, a premium single-origin chocolate crafted exclusively from Malaysian cocoa beans,' the ministry said. In the area of services, Malaysian professionals encompassing accountants, auditors, lawyers, physiotherapist, nurses, and teachers are expected to benefit from enhanced access and mobility through transparent rules in the EFTA markets. MITI said the agreement also has a robust built-in agenda for cooperation and capacity building programmes to further strengthen the development of sectoral capabilities in areas such as engineering, science, technology and innovation; green mobility and transportation; digitalisation and automation; pharmaceuticals and medical devices; as well as human capital development through training, internships and expert exchange programmes. During the MEEPA signing, Tengku Zafrul also witnessed the MOU exchange between Universiti Teknologi Petronas and two Norwegian universities, namely the University of South-Eastern Norway and the University of Stavanger. MITI said the initiative seeks to foster academic collaboration and specialised expertise in hydrogen technology, carbon capture and storage, as well as related fields across the oil, gas, marine and shipping, and renewable energy sectors. 'The collaborative ventures are expected to contribute towards the sustainable development of a skilled talent pool and long-term growth of industries by enhancing the quality of Malaysia's higher education and translational research,' it added.
