MALAYSIA: 2022 Budget Speech

Meta Data
Draft: 
No
Revision of previous policy?: 
No
Effective Start Year: 
2022
Scope: 
National
Document Type: 
Other
Economic Sector: 
Energy, Power, Other
Energy Types: 
Power, Renewable, Other
Issued by: 
Ministry of Finance 
Source: 
Bank Negara Malaysia
File: 
2022 Budget Speech
Overall Summary: 
The 2022 Budget Speech was delivered by the Minister of Finance on 29 October, 2021 introducing the Supply bill 2022.
Efficiency
EE action plans: 
216. The Government sees the potential of electric vehicles (or EVs) with Energy Efficient Vehicle (or EEV) features as a means to minimise vehicle smoke pollution in the atmosphere. To support the development of the local EV industry, the Government proposes to provide import duty, excise duty and sales tax exemptions on EVs. Road tax exemptions of up to 100% will also be given to the vehicle owners. Additionally, individual income tax reliefs of up to RM2,500 will be given for the purchase and installation, rental and hire-purchase of EV charging facilities as well as payment of EV charging facility subscription fees.
Renewable Energy
RE priorities: 
182. In building resilience, GLCs will continue to invest in areas including renewable energy, [...]
RE action plans: 
215. On the other hand, to help SMEs adopt sustainable and low-carbon practices such as by increasing the use of sustainable raw materials and renewable energy, BNM will provide a Low Carbon Transition Facility with a fund value of RM1 billion which will be based on a matching fund arrangement with participating financial institutions.
Environment
GHG emissions reduction targets: 
213. Recently, YAB Prime Minister has expressed commitment to make Malaysia a carbon neutral country as early as 2050. This commitment requires the country to drive reforms so that growth remains sustainable and competitive in the global market.