Photo by Shahrin Yahya/The Edge

KUALA LUMPUR (Oct 10): The Malaysian Investment Development Authority (Mida) on Thursday unveiled seven memoranda of understanding (MOUs) with potential investments of over RM1 billion in the green sector at the International Greentech and Eco Products Exhibition and Conference 2024 (IGEM) here.

This amount represents nearly half of the agency’s total investment goal of RM2.5 billion set for the three-day trade event that began on Wednesday.

MIDA chief executive officer Datuk Sikh Shamsul Ibrahim Sikh Abdul Majid said Thursday's milestones are poised to bring Malaysia a step closer to realising its net-zero vision and ensuring that the country stays at the forefront of green innovation.

Five of the MOUs were signed by Solarvest Holdings Bhd (KL:SLVEST), including with Greenrock Energy Co Ltd for joint development and deployment of a battery energy storage system, with Vista Contracting & Investment Global Pte Ltd (Samsung) for the preparation for the Corporate Renewable Energy Supply Scheme (CRESS), and with Chailease Holding Co to collaborate in solar farm development in Malaysia.

Solarvest also inked an MOU with Alliance Bank Malaysia Bhd (KL:ABMB) to explore collaborations in providing green financing, and another MOU with UKM Pakarunding Sdn Bhd for training and research in the renewable energy sector.

Meanwhile, Wezmart International Bhd and Green Quarter Sdn Bhd will collaborate on green services, including consultancies, sustainability reporting, and environmental, social and governance (ESG) audits.

Green Quarter will also work with CREX Private Ltd to provide one-stop consultative services for carbon reduction and sustainability solutions.

Sikh Shamsul Ibrahim said as IGEM continues to grow, Mida had received strong interest from both local and international delegates to invest in Malaysia.

“For the remaining RM1.5 billion, our team is working with the companies. We have a mixture of interest from both [local and foreign companies].

“In fact, some of them came to us a few days ago. One of the delegates are from Sweden with interesting technologies,” he told reporters at the MOU exchange ceremony on Thursday.

He also announced that four quality green projects with total investments amounting to RM1.8 billion were approved in the first half of 2024.

“These projects, spanning renewable energy to green mobility, represent the kind of high-impact investments that are essential for our transition to a sustainable economy.

“The success of Malaysia’s green agenda will need to be a whole-of-nation effort to succeed. We know that sustainable development will require strong commitment by all stakeholders — businesses, workers, and every one of us,” he said.

He highlighted that Malaysia had taken a bold step forward in efforts to decarbonise the economy through the Green Investment Strategy launched in August.

“We aim to attract RM300 billion in green investments by 2030, aligning with our 2050 net-zero carbon emissions target outlined in the National Energy Transition Roadmap and the New Industrial Master Plan 2030.

“Our strategy focuses on seven key areas, namely renewable energy, energy efficiency, hydrogen, bioenergy, green mobility, carbon capture, utilisation, and storage, and the circular economy,” he said.

These investments are designed to drive sustainable socioeconomic development while ensuring the nation reduce carbon emissions intensity against gross domestic product by 45% by 2030, as compared to 2005 levels.

Uploaded by Tham Yek Lee