PETALING JAYA, May 4: The ongoing conflict between US-Israel coalition and Iran has sent countries and economies into prudent-driven measures to ensure to continued stability in daily activities amid rising energy costs and the spectre of serious global energy crisis.
“The adverse effects from the disruption to oil production arising from the conflict and the blockade of Strait of Hormuz has reverberated across the globe and spilled into the costs of goods and services”, said Nazery Khalid, renowned maritime scholar and commentator in a recent interview with Weekly Echo.
He pointed out that these challenging times also present an opportunity for a review of the country’s dependence on fossil fuel and the need to speed up the country’s shift towards sustainable and cleaner sources of energy.
The conflict in the Gulf presents not only a wake-up call for introspection and demands a serious look at the adjustments that need to be made to meet these external shocks and their challenges. It also calls for a fundamental shift in consumption patterns and a comprehensive review of the use of resources, from reducing wastage and better management of resources to the preservation of the environment, said Nazery.
Malaysia has already laid out various plans towards a more sustainable economy including its National Energy Transition Roadmap, National Energy Policy, National Depletion Policy and Four-Fuel Diversification Policy. They are geared towards promoting green energy and sustainable development, lower emissions and reduce dependency on fossil fuels, he noted.
“The conflict in the Gulf should instill a sense of urgency to Malaysia to expedite its transition towards renewable energy to mitigate its reliance on imported oil and reduce its vulnerability to disruptions to its supply,” Nazery stressed.
The current geopolitical developments and global scene call for Malaysia to give greater attention on energy matters as well as to diversify its current energy mix, so as to be better prepared for external shocks to the country’s oil supply, he added.
He also called for a rethink in Malaysia’s drive to promote the development of data centres to the country into a regional AI hub, citing the industry’s need for huge energy sources and amount of water which may run counter against its net-zero aspirations and sustainability goals.
–WE