First National Energy Council meet to be held in October, says Rafizi

The Star

The government plans to hold the first meeting of the National Energy Council (NEC) as early as October this year, says Rafizi Ramli.  The Economy Minister on Tuesday (Aug 29) said the NEC, chaired by Prime Minister Datuk Seri Anwar Ibrahim with the Economy Ministry as its secretariat, would set forth high-level strategic directions and policies, allowing for the working committees to coordinate and report the progress in turn.  Read more at https://tinyurl.com/y24vey8r  WATCH MORE: https://thestartv.com/c/news SUBSCRIBE: https://cutt.ly/TheStar LIKE: https://fb.com/TheStarOnline

Transcript

00:00 We are introducing the responsible transition 2050, which is a low carbon pathway for the

00:13 energy sector from now till 2050, more ambitious than the low carbon nation expiration 2040

00:22 that was set forth previously a few years ago.

00:25 On top of that, it will also unlock the economic value brought by the initiatives and enablers.

00:32 For the economy, we are expecting a 10 to 15% uplift in GDP value from market creating

00:41 products that are high growth and high value.

00:46 There will also be a 32% reduction in emissions in the energy sector, besides bringing in

00:53 a higher volume of green FDIs into the country.

00:58 In order to realise these economic gains for the country, there are three critical structures

01:05 that will become the backdrop of the NATO ambitions.

01:09 We need strong governance, substantial financing, and a credible and transparent exchange system.

01:20 So the first one, governance.

01:22 The establishment of the National Energy Council is the strongest signal yet of the government's

01:29 intention of moving beyond blueprints and into the nitty gritty of implementation.

01:36 The National Energy Council, to be chaired by the Prime Minister, and which the Ministry

01:44 of Economy is secretariat, would set forth high level strategic directions and policies

01:52 allowing for the working committees to coordinate and report the progress in turn.

01:58 And Atut Sri, we plan to hold the first sitting of National Energy Council as early as October

02:06 this year, inshallah.

02:09 Second on the financing.

02:11 The National Energy Transition Facility is not just another facility that houses government

02:17 investments.

02:18 Instead, the facility will adopt an innovative blended finance instrument that combines the

02:25 funding from public, private, and philanthropic channels.

02:30 At the heart of it, the blended finance instrument is meant for the government's seed investment

02:36 to mobilise additional private capital that triple or quadruple the initial seed amount.

02:44 And thirdly, the energy exchange.

02:48 What we could say for certain is that we will never be able to fully unlock the true potential

02:54 of RE without establishing a physical energy exchange in the country.

03:00 At the basic level, an exchange is necessary for the country to command the price premiums

03:06 of RE that comes from cross-border trading.

03:12 As the exchange matures, market-creating products could be created to further unlock the value

03:19 of different markets that yield healthy returns to the participants.

03:24 We expect the exchange to facilitate the closer interconnectedness of Southeast Asia, which

03:30 mutually benefits the region as a single economy block.

03:35 And of course, to make this exchange fair and transparent, a single market aggregator

03:42 will need to be established so that the exchange is trusted by not only local buyers and sellers,

03:49 but also internationally.

03:50 [END]

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