The country has pledged to cut its greenhouse gas emissions dramatically by 2030 and reach net-zero emissions by 2050.

Irena director-general Francesco La Camera told Reuters in an interview, Malaysia’s planned energy policies could be insufficient to meet its energy transition goals.

Due to rising population and energy consumption, Malaysia’s emissions are expected to rise to 280 million tonnes of carbon dioxide per year by 2050, according to an Irena report launched today.

It currently generates a little over 1% of its electricity annually from renewable sources such as solar and biofuels. Fossil fuels like coal and gas contribute the lion’s share of its power output.

Irena said Malaysia needs to increase its total investment to between US$375 billion and US$415 billion (RM1.88 trillion), from the current US$159 billion (RM719.4 billion), to expand renewables capacity, infrastructure and energy efficiency.

This includes solar energy, wind, hydropower and green hydrogen technologies, and could reduce energy-related emissions by up to 60%.

That would also help Malaysia save between US$9 billion and US$13 billion annually in avoided cumulative energy, climate and health costs, and a phasing out of fossil fuel subsidies, Irena said.

The investment must also come from private investments and from abroad, including multilateral financial institutions, bilateral and regional arrangements.

“There is no doubt that this cannot be done without intense collaboration,” La Camera said.