Malaysia renewables growth hindered by unrealistic targets, new report
Both objectives are highly unrealistic, as only 3.3% of electricity is generated through renewables at present, according to new figures from Global Data.
As per the current growth trend, Malaysia is expected to achieve only 5.5% of its power generation through renewables by 2025 and 6.6% by 2035, due to the absence of robust policy support, according to the data and analytics company.
GlobalData’s latest report, Malaysia Power Market Size, Trends, Regulations, Competitive Landscape and Forecast, 2022-2035’ reveals that solar PV, biopower, and small hydro are the only three renewable sources utilised by the country.
Attaurrahman Ojindaram Saibasan, power analyst at GlobalData, said: “The government has implemented feed-in tariffs (FiT) (for up to 1MW capacity) and net metering policies to encourage the adoption of renewable energy. But there are no major incentives or support for large-scale renewable projects. The government has struggled to attract investment in large-scale renewable projects due to sluggish economy.