Malaysia's government hopes to encourage a shift towards renewable energy by implementing targeted fuel subsidies. The initiative aims to make fossil fuels less appealing and incentivize Malaysians to explore alternatives like electric vehicles. Minister Nik Nazmi Nik Ahmad believes this will significantly contribute to the country's decarbonization efforts. He acknowledges the political challenges associated with such a change, citing the backlash London Mayor Sadiq Khan faced after expanding congestion charges.
The Malaysian government hopes that its targeted fuel subsidy initiative will lead more Malaysians to look to renewable energy for their consumption, natural resources and environmental sustainability minister Nik Nazmi Nik Ahmad said, reported
The public would rely on petrol and diesel fuels prior to the implementation of targeted subsidies because fuels are cheap, and the reliance on fossil fuels is something the government wants to reduce with the help of renewable energy options which “are more attractive”, the minister said towould encourage the more affluent among Malaysians to purchase electric vehicles as a way to manage the cost of higher fuel prices.
“By purely not subsidising fossil fuels any more, we can see the transition happening. I think that’s the easiest thing,” Nik Nazmi said.cited a recent global study that found renewable energy now costs less than fossil fuels in the Asia-Pacific region, and solar energy is the least expensive source of power in the region, while fossil fuels will continue to become more expensive.
The targeted subsidy initiative was not an easy decision to make in view of political repercussions, said Nik Nazmi, who chairs the national decarbonisation committee.
“I might lose my job, and, I mean, the government might just lose power, and then the next government might say it’s not worth doing it,” Nik Nazmi said. “It’s good for the country’s treasury. It’s good for the environment and I think it’s the right transition that we want to pursue,” he continued.and the mechanism should be announced in a few weeks’ time.
RENEWABLE ENERGY FUEL SUBSIDIES ELECTRIC VEHICLES DECARBONIZATION MALAYSIA
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