KUALA LUMPUR, Nov 17 — The world is facing an energy crisis where the demand for energy commodities exceeds supply and this is causing volatility in short-term pricing with global spot prices for natural gas reaching the highest level this year.On October 5, 2021, in the Dewan Rakyat, Minister in the Prime Minister’s Department Datuk Seri Mustapa Mohamed assured that Malaysia has managed its energy security despite the price increase in energy commodities, namely coal and liquefied natural gas .
To future-proof the Malaysian gas industry, the gas market was reformed to introduce competition that will benefit the consumer and ensure the long-term security of supply. However, a slew of coal-fired power plants constructed at the turn of the century on the pretext of improving energy security tipped the balance.
According to the plan, the combined growth of renewables and natural gas could reduce carbon emissions in the power sector by 60 per cent by 2035. Maybank joined CIMB Bank to stop financing new coal projects while Tenaga Nasional Bhd plans to eliminate coal-fired power plants from their portfolio by 2050.
There have been calls recommending the drastic reduction of fossil fuel including natural gas if the world were to meet the target to limit global temperature rise to 1.5 degrees Celsius by 2050.
That only shows the 'energy' minister, like most ministers, has no clue or lying. Malaysia is not self sufficient in energy and ergo must import. So how can Malaysia 'manage' when World is not..? Esp Since majority of its energy is obtained from oil and gas where issue is!! ?