The National Energy Policy 2022 – 2040 (“NEP“) was launched by the Prime Minister of Malaysia on 19 September 2022. The NEP details the government’s priorities for the energy sector (encompassing electrical and thermal energy) for the coming two decades. It represents a concerted effort by the government in defining its approach for the energy sector with an aim of driving the country towards benefiting from and embracing the energy transition megatrend. The NEP covers all energy sources including both renewable and non-renewable sources, and also covers the use of energy across all sectors of the economy.
In this Update, we set out below a summary of some of the targets, action plans and initiatives under the NEP, relating mainly to the areas of renewable and alternative energy, grid systems, mobility trends and greenhouse gas reporting.
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