Malaysia Approves USD 875 Million Green Projects In 2023

May 2024

The Malaysian Investment Development Authority (Mida), the country’s principal investment promotion agency has approved 4,230 green technology projects worth MYR 41 billion (USD 875 million) as of 2023. The country is witnessing a surge in green technology investment due to the government’s comprehensive strategy, with solar energy projects dominating the approvals.

To further incentivize green technology investment, the government has enhanced green technology incentives through a tiered approach. This expanded incentive now covers a wider range of activities such as green hydrogen, electric vehicle charging stations, and wind energy. The aim is to encourage both new and existing companies to invest and contribute to Malaysia’s goal of becoming carbon-neutral by 2050. Additionally, the government is conducting a short-term study, facilitated by the National Investment Council (MPN), to identify strategies to enhance green investment and position Malaysia as an attractive destination for such initiatives. This study will pinpoint priority sectors for green investment and explore potential synergies with key industries.

The Malaysian Investment, Trade, and Industry Minister, Tengku Zafrul Tengku Abdul Aziz, revealed plans to develop a strategic blueprint aimed at elevating Malaysia as a leading regional green investment center. This initiative aligns with the country’s long-term objectives outlined in the New Industrial Master Plan 2030 (NIMP 2030) and the National Energy Transition Roadmap (NETR), ultimately striving to achieve net-zero carbon emissions by 2050.

(Sources: Malaysian Investment Development Authority; New Straits Times)

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