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Market Chatter: Malaysia Pursues Deeper Energy, Emissions Savings With Efficiency Plan

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Malaysia has renewed a 10-year plan to boost energy efficiency which it expects will yield savings summing about $21.5 billion, Reuters reported on Tuesday, while it will also advance the country's goal of net zero emissions by 2050.

Its National Energy Efficiency Action Plan through 2035 seeks to cut demand for energy by 11.6% by then, the ministry for energy transition and water transformation told the publication in a statement.

That would represent a cut of 815,382 terajoules versus taking no action and avoid emissions equivalent to 26.1 million metric tons of CO2, according to Reuters, citing the statement.

A prior energy efficiency plan from 2016 to 2025 yielded savings of 60,886 gigawatt hours of power consumption worth about $3.9 billion, the article said, bettering the plan's target for 52,233 GWh, Reuters said, quoting Economy Minister Akmal Nasir.

The ministry did not immediately respond to' request for comments.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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