Malaysia’s oil and gas reserves have been a source of resilience in recent months, amid heightened concerns over energy security due to Russia’s invasion of Ukraine. In the decades ahead, though, the country needs to wean itself off fossil fuels and prepare for a low-carbon future.
The transition away from oil and gas poses an enormous transition risk for Malaysia, which relies heavily on the sector for its revenues. State-owned Petroliam Nasional Bhd (Petronas) this year is expected to pay a total dividend of RM50 billion (US$11.16 billion) to the government.
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