MIDA generates high value investment in circular bio-econ for palm-based biomass
03 May 2024
Building on the success of last year’s launch of the National Biomass Action Plan 2023-2030, Malaysia is stepping up its commitment to sustainable energy, focusing on the integration of palm-based biomass. A pivotal session held 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 guest of honour, Deputy Minister of Investment, Trade and Industry (Miti), YB Liew Chin Tong, joined by top officials including Mr. Sikh Shamsul Ibrahim Sikh Abdul Majid, Chief Executive Officer of Mida, and Mida’s Chairman, YBhg. Tan Sri Dato’ Seri Dr. Sulaiman Mahbob. Moderated by YBhg. Dato’ Sri Ahmad Shabery Cheek, Chairman of Felda, the meeting attracted 120 participants from the ministries, government agencies, GLICs, private sector, foreign chambers, academic institutions as well as financial institutions and aimed to catalyse the adoption of biomass technologies across various industries.
In his closing remarks, Deputy Minister YB Liew Chin Tong emphasised the government’s strategy to bolster the biomass sector, stating, “Biomass is often seen as the byproduct of the palm oil industry. It’s time forus to see biomass as the feedstock for new and advanced fuels as well as other green industries. 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.”
The session also featured two insightful presentations on “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.
Mr. Sikh Shamsul Ibrahim Sikh Abdul Majid welcomed the participants, highlighting Mida’s role in fostering a favourable environment for the growth of the biomass industries in Malaysia. He remarked, “As Malaysia’s principal investment promotion agency, Mida continues to fulfill the Government’s agenda of attracting quality and sustainable investments from both domestic and foreign sources. We recognise the Government’s intention to promote investments that leverage innovative technologies to drive our economic growth, aligned with sustainable development goals. 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.”
YBhg. Tan Sri Dato’ Seri Dr. 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-fertilizers, 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 Twelfth Malaysian Plan (12MP).
This elusive goal underscores the challenges we face in harnessing the full potential of our biomass resources. 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.”
This session highlighted Malaysia’s dedication to promoting sustainable investments in the biomass sector, crucial for achieving its Net-Zero Target by 2050 as per the Paris Agreement 2016.
Source: Borneo Post
