Certain considerations should be taken into account if the green economic sector is to thrive as one of the potential economic growth drivers of corporate Malaysia.
While the move by the country to focus on the green economy is a noble one, they said factors like less intervention by the government, appropriate tax and market driven policies should be implemented for the nation to thrive as a regional leader in energy transition.
“While green technology can be beneficial for specific companies or product types, the claims for the contribution of the green economy to overall socio-economic development are overstated. In many instances the costs far outweigh any benefit over a reasonable timescale. He added the previous governments’ track records on green economy initiatives was not to the mark and huge amounts of money had been wasted with very little impact. The unity government should not continue with this approach, he said.
Williams said the RM627bil needed for the transition towards RE would pose a challenge due to the huge investment as it is one-third of current gross domestic product. Bank Muamalat Bhd chief economist and social finance head Mohd Afzanizam Abdul Rashid felt the transition towards EVs would help spur the interest among the industry players to upgrade their capacity building in this respect.
The digital sector could help increase productivity, create more jobs and help increase competitiveness. This strategy should include different policies, such as setting RE targets, providing incentives for RE investments, promoting energy efficiency measures, and encouraging research and development in clean technologies.
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