KUALA LUMPUR: Deputy Investment, Trade and Industry Minister Liew Chin Tong said it is time for Malaysia to see biomass as the feedstock for new and advanced fuels and other green industries.
He emphasised the government’s strategy to bolster the biomass sector as biomass is often seen as the byproduct of the palm oil industry.
“The mindset shift means biomass is seen as a necessary enabler for new and high value-added industries that will help achieve the missions set out in the New Industrial Master Plan 2030,” he said in a statement issued by the Malaysian Investment Development Authority (MIDA).
Yesterday’s session at MIDA Sentral brought together key stakeholders from the biomass ecosystem, demonstrating a concerted effort to drive high-value investments and progress towards Malaysia’s goal of achieving net-zero carbon emissions by 2050.
The session highlighted Malaysia’s dedication to promoting sustainable investments in the biomass sector, which is crucial for achieving its net-zero target by 2050 as per the Paris Agreement 2016.
MIDA chief executive officer Sikh Shamsul Ibrahim Sikh Abdul Majid highlighted its role to foster a favourable environment for the growth of the biomass industries in Malaysia.
“The biomass sector not only presents exciting business opportunities but also plays a crucial role in contributing to a circular economy for a sustainable future.
“In this regard, we are working to accelerate the use of biomass and help communities realise a clean energy future,” he said.
Meanwhile, MIDA chairman Tan Sri Sulaiman Mahbob commented on the investment trends, noting a fluctuation in the biomass sector since 2019 and the challenges this poses.
“The scope of oil palm biomass is staggering, encompassing renewable energy, biofuels, biochemicals, bioplastics, bio-fertilisers, and more.
“However, we also observe a concerning trend of fluctuating investments in the biomass sector since 2019, not meeting our ambitious target of RM10 billion as set in the 12th Malaysia Plan (12MP).
“Hence, MIDA recognises the imperative of collective action between relevant authorities and stakeholders, as well as industry players to address challenges within the biomass value chain, including feedstock stability, mobilisation, and pricing mechanism, which are key to attracting long-term investment,” he said.
The meeting attracted 120 participants from ministries, government agencies, government-linked investment companies, private sector, foreign chambers, academic institutions and financial institutions. It aims to catalyse the adoption of biomass technologies across various industries.
The session also featured two presentations “Overall Biomass Investment and Prospects” and “Palm-Based Biomass Market Trends,” which outlined opportunities to attract investments in high-value biomass products like biogas and biofuels. – BERNAMA
