KUALA LUMPUR: Sarawak is one key state in Malaysia where transitioning towards a low-carbon economy can mitigate climate change impact, foster economic growth, and promote social development.
In recognising the immense potential for renewable energy (RE) in Sarawak, Progressture Power Sdn Bhd and its venture there, Hornbill Solar Sdn Bhd, have set plans to play a significant role in harnessing this potential.
The company noted that businesses with the resources and expertise to invest in and develop new low-carbon technologies and processes can drive innovation and research into new business models that support a low-carbon economy.
"Our focus extends beyond just residential customers, we aim to collaborate closely with the commercial and industrial sectors to secure significant renewable energy projects for the region.
He said Progtressture, aligned with Sarawak Premier Tan Sri Abang Johari Tun Openg's approach emphasising economic prosperity, social inclusivity, and environmental sustainability, is dedicated to collaborating with local stakeholders and industry partners to achieve these goals.
Siaw said its expansion to Sarawak is in line with the National Energy Transition Roadmap (NETR) and Sarawak's vision of becoming a prominent hydrogen hub, tapping into the hydropower and producing green hydrogen for global consumption.
"Ultimately, we aim to establish a hydrogen plant in the region, leveraging our expertise to develop a robust hydrogen infrastructure and supply chain that ensures efficient and cost-effective hydrogen production, storage, and transportation.
"As for the CCS (carbon capture and storage) initiatives, we believe there are numerous opportunities we can explore and harness. These opportunities may include integrating solar power with hydrogen production to supply clean energy for CCS facilities, promoting energy efficiency, and investing in research and development to further advance these technologies," Siaw said.
These initiatives in Sarawak, he said, create job opportunities in areas like renewable energy, energy efficiency, and green infrastructure, helping to address social and economic inequalities, particularly in regions that have relied on fossil fuel industries.
"By supporting businesses in their efforts to create new low-carbon technologies and processes, we can mitigate climate change impacts and help build a more sustainable and equitable future for all," he added.
He said Malaysia had set an ambitious target of achieving 31 per cent renewable energy (RE) generation by 2025, and the country is making significant strides towards this goal.
He said several push and pull factors have contributed to the growing adoption of RE in Malaysia, including the increasing affordability of renewable energy sources, tax incentives from the government, and the recent tariff hikes that have compelled businesses to switch to renewable energy, such as solar.
"This is in addition to the growing sustainability requirements imposed by international and multinational companies (MNCs) on local business manufacturers.
"With the government's aggressive push for RE adoption and increasing private sector interest in renewable energy, Malaysia is on track to achieve its 31 per cent RE generation target by 2025. This would contribute to the country's sustainable energy transition and create new opportunities for businesses in the RE sector," Siaw said.
Chief operating officer Ng Yew Weng said Progressture had identified several countries in the region that offer significant growth opportunities in the renewable energy industry, including Cambodia, Thailand and Indonesia.
"Our expansion into these markets will occur in phases over the next 24 months. With our experience in identifying, securing, and managing both commercial and industrial (C&I) rooftop solar assets and utility-scale solar projects, we are confident that we can significantly impact these markets and establish ourselves as a major player in the renewable energy sector.
"Our primary focus will be on expanding regionally in these countries and providing our expertise in developing, constructing, and operating clean energy assets," he said.
Ng said it had secured significant C&I projects, a 600 per cent increase year-on-year (YoY) across Malaysia.
"We will also be investing in our utility-scale project under the virtual power purchase agreement (VPPA) and identifying existing brownfield utility-scale projects to invest in. This would be a significant milestone for us as a fast-growing homegrown clean energy company and our commitment to RE and a net-zero future.
"Despite the delays we have encountered, we remain steadfast in our commitment to investing in RE assets, expanding our C&I projects, and delivering innovative clean energy solutions to our clients," said Ng.
He pointed out that there has been a steady growth in the acceptance of renewable energy, and since the implementation of imbalance cost pass-through (ICPT) hikes, the interest among C&I businesses has been overwhelming.
However, Malaysian small and medium enterprises (SMEs), in particular, have been slower to embrace the technology and its benefits, a concern responsible associations are currently working to address.
"To make it easier for businesses to lead the way in sustainability, we offer affordable ownership methods such as the zero capex solution. This solution allows businesses to install solar photovoltaic (PV) systems on their buildings without any upfront costs while reaping the benefits of energy savings over time.
"On the other hand, businesses that cannot install a solar PV system on their building or do not have sufficient rooftop space for solar ownership can opt for the renewable energy certificates (RECs) alternative.
"By purchasing RECs through us, businesses can offset their carbon footprint, reduce their environmental impact, and promote the development of RE," Ng said.
Source: https://www.nst.com.my/business/esg/2023/09/951466/immense-potential-renewable-energy-sarawak