RE Certification market a potential cash cow for Sabah
Published on: Thursday, August 15, 2024
The participants of the bilateral meeting
Kota Kinabalu: Sabah has great potential to offer to the Renewable Energy Certificate (REC) market locally and outside of the region within the next six years period, said Energy Commission of Sabah (ECoS) Deputy Chief Executive Officer (Planning and Economic Regulations) Magdalene Chu Wai Quan.
According to her, through collaborative BIMP-EAGA efforts and knowledge sharing, a robust REC market that stimulates renewable energy investments, promotes sustainable development and contributes to the region’s climate change mitigation goals can be achieved.
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She said this at a bilateral meeting organised by Asean Centre for Energy (ACE) and facilitated by ECoS at Citadines Waterfront Kota Kinabalu held for two days till Tuesday.
The meeting, which convened key stakeholders from across Malaysia to discuss on REC market practices in Sabah, Sarawak and Peninsular Malaysia, was organised for RECAP project (Development of Conceptual Framework of REC system in BIMP-EAGA Countries).
It was a pivotal component of the two-year RECAP project and aligns with Asean’s target of achieving a 23 per cent renewable energy share by 2025.
The meeting brought together key players from the Federal Energy Transition and Water Transformation Ministry (Petra), TNBX Sdn Bhd, Malaysian Energy Commission, Sarawak Energy and Environmental Sustainability Ministry, Sarawak Energy Berhad, ECoS, Sabah Electricity Sdn Bhd (SESB), Sabah Forestry Department, Institute for Development Studies (IDS) Sabah and Single Buyer from both Peninsular Malaysia and Sabah.
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By fostering regional energy collaboration, the meeting aimed to develop a unified conceptual framework for REC systems across BIMP-EAGA countries, in which participants engaged in robust discussions on harmonising regulatory frameworks, strengthening institutional coordination and optimising market design to create a seamless REC trading environment.
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