IGEM 2024: Malaysia strengthens commitment to sustainable future
31 Oct 2024
The exhibition highlights the country’s dedication to climate action and biodiversity conservation, emphasising the role of green technology
The 15th edition of the International Greentech & Eco Products Exhibition and Conference Malaysia (IGEM 2024) underscores Malaysia’s commitment to sustainability and green technology.
Held from Oct 9 to 11, 2024, and themed “Race Towards Net Zero: Regional Leadership for Climate Urgency,” the event served as a platform to promote Malaysia’s efforts to harmonise socio-economic progress with environmental stewardship.
IGEM 2024 highlighted the country’s dedication to climate action and biodiversity conservation, emphasising the role of green technology in achieving these goals.
The event fostered collaborations and encouraged the exchange of knowledge among policymakers, investors, industry leaders and thought leaders, helping to generate sustainable, solution-driven ideas.
It served as a dynamic hub for innovation and collaboration. It aimed to further Malaysia’s ambition to become a regional and global leader in sustainability efforts, especially with the country’s upcoming chairmanship of ASEAN in 2025.
The exhibition focused on five key pillars: Empowering Cities, Electrifying Mobility, Decarbonising Energy, Accelerating Circularity and Conserving Biodiversity.
This year’s edition also introduced new features such as a specialised industry zone focused on hydrogen and carbon technologies, the Central Energy Transition Asia (CETA) and a multi-venue exhibition on connected autonomous shared electric mobility.
Additionally, IGEM 2024 showcased a Green Job booth, providing opportunities for individuals interested in joining the sustainability movement.
Since its inception in 2010, IGEM has generated RM53.1 billion in business leads, attracting 600,000 visitors from 122 countries to its 4,000 exhibition booths.
Last year, IGEM continued its successful run with RM11.17 billion in business leads and 55,594 visitors, solidifying its position as a key platform for green innovation.
IGEM 2024 drew around 48,000 visitors, with 480 exhibition booths featuring innovations from 48 countries, including China, Singapore, Finland and Canada.
The event aimed to generate RM4.8 billion in potential business opportunities, reinforcing its role as a significant driver of green technology development and partnerships.
Leading Regional Green Technology Efforts
Natural Resources and Environmental Sustainability Minister Nik Nazmi Nik Ahmad called for immediate action to address climate challenges and emphasised the pivotal role IGEM plays in fostering green technology and international collaboration.
“IGEM has significantly advanced the integration of diverse industries and global experts. It has progressed beyond just an exhibition, becoming a symbol of our shared resolve to achieve a more sustainable future,” he said at the opening ceremony.
He also stressed the severe impact of extreme heat on Malaysia’s agriculture, warning that rice yields could drop to 62% of last year’s figures due to rising temperatures.
Nik Nazmi underscored the severity of the temperature crisis, referencing the heatwave warnings, bordering on 45, issued by the Malaysian Meteorological Department between January and September this year.
“Addressing these challenges requires more than awareness; it demands the mobilisation of resources, strategic investments and collaborative efforts,” he said.
He also outlined key government initiatives to strengthen environmental protection, including the National Climate Change Bill and enhanced climate financing strategies.
He highlighted carbon credits as a key tool to support low-carbon projects.
“Carbon credits will provide opportunities for corporations to demonstrate their climate actions by efficiently allocating capital to support forest conservation and low-carbon technologies,” he added.
Nevertheless, Nik Nazmi affirmed that Malaysia will continue to take an active role on the global stage, including at COP29 in Azerbaijan later this year, as the country works toward achieving its net-zero target by 2050.
On the other hand, Economy Minister Rafizi Ramli highlighted Malaysia’s unique position to harness both its natural resources and progressive policies to drive sustainability in South-East Asia.
“Malaysia is poised to be a regional leader in renewables due to our rare ability to harness both natural resources and sound policy at a high level,” he said at the event.
He emphasised that despite Malaysia contributing less than 1% of global emissions, the country is committed to playing a significant role in regional climate action.
“We are committed to leading the way in South-East Asia to secure a sustainable future for the region,” he added.
Govt Initiative and Climate Policy Focus
Nik Nazmi and Rafizi announced several key government initiatives during IGEM 2024, showcasing Malaysia’s significant strides in its climate policy and green technology efforts.
Nik Nazmi highlighted the government’s focus on fast-tracking the National Climate Change Bill (RUUPIN), describing it as a crucial step toward achieving the country’s climate goals.
He also announced the launch of the National Climate Change Policy 2.0, which complements the National Adaptation Plan and the National Carbon Market Policy. These policies will foster a coordinated approach to climate action, incorporating adaptation, mitigation and market-based solutions.
“These initiatives provide a framework for Malaysia to better align our efforts with global standards while addressing our unique Rafizi further described the bill as a “microcosm of our ambition” to demonstrate that Malaysia can effectively combine policy with its natural resources to reach its climate targets.
Business and Industry Participation
Businesses are crucial in driving Malaysia’s progress towards its emission reduction goals.
At the event, Nik Nazmi urged businesses and industry players to take a more active role in the country’s climate action efforts, particularly through participation in the carbon credit market.
He emphasised that carbon credits offer an opportunity for companies to demonstrate their commitment to sustainability by supporting initiatives such as forest conservation and low-carbon technologies.
“Carbon credits provide opportunities for corporations to take meaningful climate actions by efficiently allocating capital to support forest conservation and low-carbon projects.
This is vital for us to achieve our target of reducing emissions by 45% by 2030,” he said.
A prominent example of corporate participation is the Kuamut Rainforest Conservation Project in Sabah, which is part of the voluntary carbon market.
The project is expected to reduce carbon emissions by an estimated 800,000 tonnes of CO2 annually, further underscoring the role of businesses in supporting national and global climate goals.
“Businesses have a critical role to play in our climate strategy and through initiatives like carbon auctions and green investments, they can significantly contribute to our collective sustainability efforts,” Nik Nazmi said.
Apart from that, the Malaysian Green Technology and Climate Change Corp (MGTC) Group CEO Ir Shamsul Bahar Mohd Nor said IGEM has served as a platform for showcasing green technologies and driving public awareness about the green economy while generating RM53 billion in green business leads over the years.
When IGEM began, the focus was on the energy sector, which accounts for nearly 80% of Malaysia’s carbon emissions.
Shamsul Bahar highlighted the importance of introducing RE technologies, particularly solar power, which can be easily installed even in households.
The event not only displayed technologies but also fostered engagement through conferences, seminars and programmes aimed at educating the public and promoting green lifestyle behaviours.
He emphasised the role of community involvement in accelerating the adoption of sustainable practices.
“We believe that community engagement can drive faster behavioural changes toward a green lifestyle,” he said.
On the other hand, IGEM has also focused on creating green jobs and building capacity in the green industry. Universities showcased innovations, while financial institutions and investors offered insights into green financing options.
“We want the public to know the types of jobs available in the green sector and to understand the financial incentives and support available,” Shamsul Bahar said.
He added that the impact of IGEM extends beyond Malaysia, as the event aimed to expand its influence across ASEAN, promoting green economic growth through-out the region.
MGTC’s incentivisation programmes have also helped spur the green economy, making IGEM a highly impactful platform for Malaysia’s transition to sustainability.
Among the sponsors and partners of IGEM 2024 included the Malaysian Investment Development Authority (MIDA), The CO-LAB Pte Ltd and Petroliam Nasional Bhd, as well as OCBC Ltd, Tenaga Nasional Bhd and Solar First Co Ltd.
Meanwhile, Solar First Energy Technology Co Ltd won Best Interactive Booth and OCBC Bank (M) won Best Informative Booth.
Powerway Renewable Energy Co Ltd claimed the Best Display Booth award while Solarvest Energy Sdn Bhd was awarded Best Creative Booth and Itrama Technology Sdn Bhd took home Best Sustainable Booth award.
Finally, Petronas was honoured with the Best Appreciation Award.
Collaboration and Partnership
Collaborations and partnerships were inked at the event, reflecting the growing commitment of both local and international players to collaborate on advancing green technology and sustainability initiatives in Malaysia.
These memoranda of understanding (MOUs) enable the exchange of expertise, technology and investment opportunities, driving the growth of RE, energy efficiency and low-carbon solutions that are crucial for Malaysia’s energy transition and environmental goals.
MIDA unveiled seven MOUs at the event valued at over RM1 billion in potential investments for the green sector.
These represent nearly half of MIDA’s RM2.5 billion investment target for the event and aim to drive Malaysia’s green innovation and support its net-zero goals.
Among the key partnerships, Solarvest Holdings Bhd signed five MOUs with companies such as Greenrock Energy Co Ltd and Vista Contracting & Investment Global Pte Ltd (Samsung), focusing on battery energy storage systems, solar farm development and green financing.
Meanwhile, Wezmart International Bhd and Green Quarter Sdn Bhd collaborated on sustainability reporting, ESG audits and carbon reduction services.
MIDA CEO Datuk Sikh Shamsul Ibrahim Sikh Abdul Majid expressed strong interest from local and international investors, with ongoing efforts to secure the remaining RM1.5 billion in investments.
He also highlighted that four green projects, totalling RM1.8 billion, were approved in the first half of 2024, focusing on RE and green mobility.
Sikh Shamsul further emphasised Malaysia’s commitment to its Green Investment Strategy, which aims to attract RM300 billion in green investments by 2030, focusing on RE, energy efficiency, hydrogen, bioenergy, green mobility, carbon capture and the circular economy.
This strategy aligns with Malaysia’s efforts to reduce carbon emissions by 45% by 2030 and achieve net zero by 2050.
In addition to MIDA’s efforts, MGTC announced several strategic collaborations to advance Malaysia’s green transformation.
One key partnership between MGTC and Sarawak Energy Bhd (SEB) aims to reduce carbon emissions through three greenhouse gas assessments, targeting indirect emissions across SEB’s value chain.
This collaboration is expected to support low-carbon businesses through knowledge-sharing and capacity-building.
MGTC also signed a letter of intent (LOI) with Perbadanan Teknologi Hijau Melaka to enhance green technology initiatives in Melaka, focusing on RE projects and sustainable urban development as part of the state’s low-carbon economy transition.
Additionally, a memorandum of collaboration between MGTC and SAE-A STX Entech Co Ltd will focus on developing solutions to reduce carbon emissions and improve energy efficiency.
This partnership includes the construction of solar power systems across Malaysia and the transfer of SAE-A’s solar technology through MGTC’s subsidiary, Greentech Catalyst Sdn Bhd.
Shamsul Bahar highlighted that these partnerships not only support technological advancement and economic growth but also reflect MGTC’s commitment to creating green jobs and ensuring sustainable solutions are accessible to all Malaysians.
Further strengthening Malaysia’s green sector, Itramas Corp Sdn Bhd partnered with global solar manufacturers CMEC Wuxi and Longmax to enhance the country’s solar supply chain.
This collaboration includes setting up a 500MWp solar module manufacturing facility in Malaysia with CMEC Wuxi and producing solar combiner boxes with Long-max for both Malaysian and international markets.
The partnership will promote technology transfer, knowledge-sharing and local engineer training, contributing to Malaysia’s growth as a regional RE hub.
Challenges Ahead and Roadmap to Net Zero Malaysia faces significant challenges in its journey toward achieving net-zero emissions by 2050. However, the country remains committed to its climate goals.
Nik Nazmi said Malaysia’s vulnerability to climate change is a primary challenge.
He stressed that the country, like many ASEAN nations, is highly exposed to extreme weather events such as heatwaves and floods, which threaten food security, infrastructure and economic stability.
Additionally, the financial burden of achieving net zero is substantial. Nik Nazmi noted that the transition to a low-carbon economy will cost hundreds of billions of ringgit, a burden the government cannot shoulder alone.
“The road to net zero will not be easy or cheap, but it is a necessary investment in our future,” he said, adding that innovative financing mechanisms such as carbon pricing will be crucial in sharing the responsibility with private sector partners.
Balancing economic development with sustainability is another challenge. As a developing nation, Malaysia must continue to grow economically while reducing emissions.
Nik Nazmi also pointed out that developing the carbon market further is essential, with more local projects needing to meet international standards like the Carbon Offsetting and Reduction Scheme for International Aviation.
Lastly, he said decarbonising key industries such as power generation and heavy manufacturing will be difficult without the right regulatory frameworks and technologies like CCUS.
Despite these challenges, Nik Nazmi outlined a clear roadmap to net zero, starting with the fast-tracking of the National Climate Change Bill and the National Climate Change Policy 2.0. These legislative measures will provide a comprehensive framework to guide Malaysia’s climate actions.
“The National Climate Change Bill will serve as a crucial backbone for our efforts to achieve net zero by 2050,” he said.
A key part of Malaysia’s strategy is exploring carbon pricing instruments, such as a Carbon Tax or a Domestic Emission Trading Scheme, to create financial incentives for reducing emissions.
“Carbon pricing will play a pivotal role in driving investments into low-carbon technologies and encouraging businesses to adopt greener practices,” he explained.
The carbon credit market is also a critical component of Malaysia’s plan. By allowing companies to offset their emissions through investments in forest conservation and RE projects, Malaysia can tap into international carbon markets to support its emissions reduction goals.
Nik Nazmi also highlighted the importance of expanding RE, particularly solar power, to support Malaysia’s transition to a low-carbon economy.
“We are investing heavily in solar manufacturing and partnerships with global solar players to build a robust RE sector,” he said.
The introduction of the CCUS Bill will be another key element of the roadmap, providing a regulatory framework for implementing carbon capture technologies in industries that are difficult to decarbonize, such as power plants and heavy manufacturing.
“CCUS will be crucial in helping us meet our decarbonisation targets, especially in sectors where electrification is not a viable option,” Nik Nazmi said.
Finally, he stressed the importance of a whole-of-nation approach. “Achieving net zero will require the participation of everyone — businesses, workers and citizens alike. We all have a role to play in building a sustainable future,” he said.
Shamsul Bahar added that one of the key challenges in scaling up RE is attracting the necessary private-sector investment.
“The roadmap has been set by National Energy Transition Roadmap (NETR), but the private sector needs to step in. While Malaysia has created spaces and sources, the private sector must provide the investments,” he said.
The NETR also outlines several regulatory changes and incentives to drive RE adoption.
Among these is the introduction of third-party access, which allows energy producers to generate and sell energy directly to their customers, bypassing the single-buyer system.
“Malaysia has set the platform to create an easier path toward achieving net zero and 70% RE by 2050,” he added.
In addition to regulatory changes, financial support is a critical aspect of scaling up RE.
Not all investors have immediate access to the necessary funds and MGTC has been working with financial institutions to facilitate green financing.
These incentives are designed to attract more private sector participation in Malaysia’s green energy transition.
In conclusion, despite the challenges of achieving net zero, Malaysia’s robust regulatory framework, financial incentives and clear roadmap provide a solid foundation for success.
With strong policies, innovative financing and collaboration between the public and private sectors, Nik Nazmi remains optimistic that Malaysia will meet its RE and climate goals by 2050.
Source: The Malaysian Reserve
