MoU Inked During Anwar's Trip To See UAE Jointly Develop Renewable Power In Malaysia

 

The UAE and Malaysia have signed a memorandum of understanding (MoU) to solidify economic cooperation between both nations, particularly in sustainable energy.

One of the collaborations will be facilitated through an MoU between Malaysian Investment Development Authority (Mida) and Abu Dhabi Future Energy Company PJSC (Masdar). The two nations agreed to jointly establish renewable energy capacity of 10 gigawatts worth $8 billion in Malaysia by 2025.

The Malaysian prime minister noted in a Facebook post the plans were part of a Memorandum of Understanding inked between Abu Dhabi Future Energy Company (Masdar) and the Malaysian Investment Development Authority during his visit to the Emirati capital on Thursday.

Malaysia plans to have 70% of its energy supply come from renewable sources by the middle of the century, compared with around 25% at the end of March.

To meet the goal, the government has estimated it would need $135 billion of investment. Meanwhile, the UAE has also been intensifying its efforts to achieve net zero emissions by 2050 and diversify its energy mix, launching its first wind programme recently.

The 103.5 MW landmark wind project developed by Masdar is expected to power more than 23,000 homes a year and displace 120,000 tonnes of carbon dioxide.