UK envoy points to shortage of viable green projects in Malaysia
A UK-funded programme helped 12 Malaysian businesses prepare low-carbon proposals for potential investors over nine months.
Malaysia has investor interest in its green transition but too few commercially suitable projects to draw that funding, British High Commissioner to Malaysia Ajay Sharma said at an investor engagement event on Nov 12.
Speaking at the Climate Finance Accelerator (CFA) Malaysia event, Sharma said viable businesses and projects needed to be supported by appropriate policies and financing arrangements. He also called for cooperation among governments, businesses and investors to address obstacles to funding.
PwC Malaysia executive chair Nurul A'in Abdul Latif said UNDP projections put Malaysia's estimated investment requirement for its climate and energy transition at US$570 billion (RM2.4 trillion) over the next two decades. Businesses offering climate solutions must demonstrate commercial viability to investors, not just environmental benefits, she said.
The CFA helps low-carbon businesses prepare for investment. It receives funding from the UK government's Department for Energy Security and Net Zero and runs in 10 countries. PwC Malaysia implements the programme locally.
The Malaysian cohort comprised 12 businesses that completed nine months of preparation before presenting proposals to prospective investors. Their sectors included transport, construction, manufacturing, energy, waste management and the circular economy.
Sharma said the UK sought closer cooperation by connecting its financial, technological and professional-services expertise with Malaysian green investment opportunities. He highlighted UK Export Finance, British International Investment and Mobilist as financing initiatives intended to supplement private capital. Their roles include supporting projects using British goods and services, investing in expanding clean-energy businesses and helping companies access public-market funding.
