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Plus Xnergy: Budget 2022 Spotlights Transition Towards A Sustainable Economy & Energy For All
In an expansionary budget, Budget 2022’s total RM 332.1 billion allocation is the largest ever for Malaysia, surpassing Budget 2021’s RM322.5 billion, ultimately aimed to benefit our Keluarga Malaysia. Malaysia’s role in the transition to a sustainable economy is clearly seen, as the Budget’s proposed measures include key indicators of such a shift.
Bursa Malaysia’s launch of the Voluntary Carbon market as a platform for carbon credit trading between green assets and other entities is promising. Many are encouraged that Bursa leads by example, aiming to be carbon neutral by 2022. Such markets allow carbon emitters to offset their emissions by purchasing carbon credits emitted by projects, targeted at removing or reducing greenhouse gas from the atmosphere.
The carbon market’s global size was USD 305.8 million in 2020, and is projected to more than double by 2027. In providing clean energy solutions to many multinational and Malaysian companies alike totalling almost RM 100 million in project value, adopting sustainable practices would align well with the voluntary carbon market.
RM1 billion for SMEs To Adopt Sustainable Practices
Aligned to the prime minister’s declaration for the country to be carbon neutral by 2050 is Bank Negara’s allocation of RM1 billion towards assisting small medium enterprises (SMEs) in adopting sustainable and low carbon practices. A step in the right direction, as SMEs fuel our country’s growth with 38.2% domestic product (GDP) contribution.
Plus Xnergy foresee that such efforts in encouraging SMEs to adopt sustainable practices would encompass government-backed microfinancing schemes, aimed to provide easy installment loans to both businesses and households to clean energy such as solar.
RM10 billion Sustainable Sukuk for a Prosperous Economy
Finance Minister Tengku Zafrul mentioned Malaysia as a signatory in the Paris Agreement. In fulfilling our obligations, he has announced a sustainable sukuk (Islamic financial certificate, similar to a bond in Western finance) of up to RM10 billion to finance eligible social or nature-friendly projects.
Given that sustainable bonds are loans used to finance projects that bring clear environmental and social-economic benefits, Plus Xnergy is excited to see the government take this bold action. As a clean energy solutionist, we are happy to see that out of the total sustainable bonds issued in Asean so far, 47%, or RM2.89bil, nearly half, relates to solar power plant projects.
RM100 Million for Smart Automation Matching Grants to Benefit 200 Manufacturing and Services companies
A renewing of the Smart Automation Matching Grants (SAG grant) with RM100 million is applauded as it will hasten the rate of automation and digitisation, channeled to the manufacturing and services industry.
Plus Xnergy welcomes this move as we have been utilising this grant extensively for our clients who adopt our smart AIoT energy solutions which access data points to translate business insights into energy saving. A push towards adopting IR4.0 is definitely the way forward as energy efficiency, energy monitoring, commercial and industrial building automation is slowly shaping the future of manufacturing.
RM423 million for R&D under the Science, Innovation and Higher Education Ministries
This considerable sum, nearly half a billion ringgit, is a sign that the Government takes the area seriously, introducing collaborative efforts in mainstreaming science, technology and innovation. Such efforts which include Higher Education centres embeds the spirit of innovation in students who are the future of our workforce.
We hope such efforts could be directed towards sustainable technology as we have piloted a project with a local university. This leverages on the the usage of artificial intelligence and industrial automation to increase yield and reduce energy consumption for the rice mill industry.
Energy for All
The company is very pleased to see the RM485 million for electricity supply projects in rural areas, benefiting 2,100 households. Being a clean energy solutionist ourselves, we feel strongly about the right to have access to energy for every person. This is a basic human need which must be met. At least 10,000 people will now have access to electricity, improving their quality of life.
Meanwhile, Plus Xnergy have rolled out Malaysia’s first ever affordable rent to own solar solution. In its first year, we project to outfit 2,000 houses with solar power, and up to 5,000 by its second year. This is aligned with the NEM 3.0 Rakyat program, which the government introduced early this year, to encourage the growth and adoption of solar solutions for consumers and households.
Plus Xnergy Holding Sdn Bhd was established in 2013, providing turnkey solutions-engineering, procurement, construction and commissioning (EPCC) services. Today, it has offices in Kuala Lumpur, Penang, Johor and Perak. It has since become the nation’s leading total clean energy solutions company with a track record of over 220MWp of grid-connected solar PV systems and power plants throughout Malaysia.
Source: Plus Xnergy