700 EV charging stations have been set up in Malaysia

The government’s TARGET to create up to 10,000 public charging stations for electric vehicles (EVs) in Malaysia by 2025 under the Low Carbon Mobility Development Plan 2021-2030 is on track, with about 700 stations set up nationwide so far.

Director of Industrial Development, Ministry of International Trade and Industry, Muhammad Zulhilmi Ahmad said, the station can be provided through collaboration with the private sector.

“There are certain companies, especially government-related companies (GLCs) that are willing to fight for (this green effort).

“We hope that the target can be achieved to support the development of the local EV industry,” he said at Invest Malaysia Series 2 titled ‘The Road to EV’ here, on Wednesday.

He said the government has provided tax incentives, pioneer status and financial assistance for companies interested in developing EV infrastructure in the country.

Major utility firm Tenaga Nasional Bhd expects the EV market to grow to 18,000 charging terminals for 524,409 battery electric vehicles on the road by 2030, with annual electricity revenue amounting to RM1.25 billion.

This equates to an expected 4.4 million tonnes of CO2 emissions reduction, taking into account the equivalent number of internal combustion engines not on the road.

Meanwhile, while delivering his welcome speech, the Chairman of Bursa Malaysia, Tan Sri Abdul Wahid Omar said, the EV industry is an attractive growth area for Malaysia, offering great potential to create economic, social and environmental benefits.

He said Bursa Malaysia’s Voluntary Carbon Market (VCM), which will be launched by the end of 2022 through an auction, will play an important role in supporting industries that can generate economic progress and environmental change.

“I strongly urge corporates to be among the early participants of the auction, to show their leadership in climate action,” he said.

Abdul Wahid said the VCM facilitates price discovery for new products by serving as a reference price for carbon credit trading and creating a tangible price signal for potential producers who want to start domestic carbon credit projects.

“A good ecosystem is important with governments and other project developers, financial institutions have a big role to play here — investment in the right projects is key to driving a sustainable supply of carbon credits and making them widely accessible,” he said. – Bernama

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