Outlook 2021: Renewable Energy Industry Malaysia - Plus Xnergy. The pandemic has disrupted economies worldwide, and hampered renewable energy’s (RE) progress, though the International Energy Agency in November projected its impact to be temporary, with the use of fossil fuels expected to decrease. This places renewables as the largest source of electricity generation globally by 2025, supplying one third of the world’s electricity. In a more developed market, the US administration under President-elect Joe Biden has outlined that climate change will be top priority, second to Covid-19 recovery. An ambitious roadmap to have a carbon free power sector by 2035 will see investments in green energy technologies such as solar, wind, battery storage and more.
In Malaysia, the Budget 2021 highlights sustainable initiatives consistent with the United Nations’ (UN) Sustainable Development Goals (SDGs), which puts Malaysia in the right frontier alongside leading nations. Government Initiatives - Large Scale Solar & NEM 3.0 Energy Efficiency & Digitalisation.