Green policies must promote social and economic equity; Ministry committed to 38% electric and hybrid vehicles by 2040: MITI –

Policies on the green transition must be fair and must promote social and economic equity, the Malaysian Ministry of International Trade and Industry said, Bernama has reported.

Governments around the world are grappling with the challenge of striking a balance between supporting inclusive economic development and growth, ensuring safe and reliable access to energy, and promoting environmental sustainability, said Minister of International Trade and Industry Tengku. Datuk Seri Zafrul Tengku Abdul Aziz.

“MITI is committed to boosting efforts to attract more investment in electric vehicles and achieve the national target of 15% of total industry volume (TIV) for electric vehicles and hybrid vehicles by 2030, and 38% of TIV by 2040” said the minister at the meeting. signature of a joint venture agreement between Energy Absolute Thailand and Computer Forms Malaysia.

“It is important that governments work together to align legal and regulatory frameworks in order to promote investments like the joint venture between CFM and EA. The combination of renewable energy and green public transport will foster inclusive economic growth that will benefit both Thailand and Malaysia,” Zafrul said.

The joint venture deal signed last week was for the construction of Malaysia’s first electric vehicle manufacturing plant for public transport, which will be worth RM5 billion, the minister for international trade and industry said. This will be for the production of public transport vehicles, as well as for CFM and Energy Absolute to transfer innovation, renewable energy expertise and carbon credits to the Malaysian government.

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