KUALA LUMPUR, A strong political will is needed to push for renewable energy (RE) in Malaysia, said prominent economist Prof. Jomo Kwame Sundaram.
Speaking to reporters today, Jomo said Malaysia has a lot of potential in the space of photovoltaic solar panel and palm oil-based biodiesel.
“Now in Europe, cars are running on biodiesel, and here in Malaysia, we are debating about whether or not we can go further. The political will has to be there. We have to make a determined switch to promoting palm-oil based biodiesel.
“Not necessarily in this budget but certainly we have to give a strong indication that we are serious about renewable energy production, ” he said after making a presentation at IDEAS Public Forum on Budget 2020 – Making Shared Prosperity a Reality here today.
Malaysia is currently the largest solar panel exporter to the United States, but very few Malaysian companies involved in the industry, said Jomo, who is also Khazanah Research Institute research adviser.
Earlier in his presentation, Jomo said an expansionary fiscal policy is now necessary, mainly to support Malaysia’s economy during the global slowdown.
“If you stimulate the economy now as the world’s economy deteriorates further, we will be better off.
“We won’t be able to avert the global economic recession, which will likely to happen, but at least we will be slightly better off,” said Jomo.
Source: BERNAMA (News Agency)