Research Highlights
This paper aims to assess the current progress of RE in this country and identify the impact of business sustainability idea towards RE policy development. The extensive review presented in this work offers a useful reference for policy makers, corporate managers and researchers who have vested interest in business sustainability and renewable energy related studies.
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Research Objectives
The objectives of this study is to explore the evolving concept of business sustainability towards environmental concern and to identify the impact of business sustainability idea towards Malaysia’s policy development on RE deployment.
Methodology
This is conceptual paper where the authors tend to make the analysis by exploring particular theories on business sustainability, renewable energy (RE), and the engagement of RE activities on Malaysia policy development.
Results
All energy sources have some impact and benefit on our environment. For instance, renewable energy (RE) is energy resource that naturally replenished over time and always can be generated such as solar, wind and hydro energy. However, if the rate of use exceeds the rate of renewal, gradually it will become unsustainable. Thus, to have a sustainable energy which defined as energy production that can last for the foreseeable future is crucial and become main focus of recent national policies, strategies and development plan as of many countries. Malaysia energy consumption still heavily depended on the non- renewable energies (RE) such as fossil fuel and natural gases. Unfortunately, the use of the non-RE is unsustainable and can contribute adversely towards the environment and economic performance of a country. Renewable energy is brought to play as it is believed sustainable and has the potential to thrive in infinitely competitive market of contemporary business nowadays. Therefore, in 2009, the government of Malaysia has announced a National Renewable Energy Policy and Action Plan (NREPAP) as part of their commitment to accelerate the growth of RE as an alternatives energy sources for the coming years. Moving onwards, a strong policy is needed to tackle the challenges in meeting the demand, energy security and also the affordability of energy pricing. Thus, in energy security dimension, perhaps the government should put attention on renewable energy by engaging more on the alternative mechanism to deploy RE capacity through program such as Large-Scale Solar PV, Net Metering as at current practices and also other new initiative like green certificates. The exploration on new RE resource such as wind, geothermal, ocean thermal energy conversion (OTEC) also could assist in build up a new opportunity to enlarge the share of renewable energy mix percentage and ensure the future energy security (UNDP, 2007)
Findings
The energy industry is changing fast and in multiple directions. It is also regularly known as the catalyst for development in a country. Realizing the importance of energy as a vital dimension in economic and social development, the government of Malaysia has been continuously reviewing its energy policy and practices to ensure long-term sustainability, reliability and security of energy supply (Mohamed & Lee, 2006). The private sector even the communities should also be more corporate in social responsibilities and make compromises for instance by participating in green programs and accepting longer payback periods in RE projects. Nevertheless, continuous efforts and strong support from the societies are vital to ensure RE development can reach its maximum potential. This effort is also supported by (Dincer, 2000) and (Wutenhagen, Wolsink, & Buer, 2007) where they are stressed that increases the public awareness and acceptance on RE, it is as the initial step to make the sustainable energy program successful. This is done through the media, professional organizations, public and government channels. In conclusion, since there is still insufficient insight to critically reasoning the RE development in aspect of business and sustainability, the paper insists to contributes more to the research on energy policies enhancement in Malaysia particularly. This could be a challenge on governing agenda that involves a series of tradeoffs, market players, organizations and companies (Oliveira, 2018) and these efforts are important to ensure the future success of the RE development in Malaysia.
Acknowledgement
The authors would like to acknowledge Universiti Tenaga Nasional (UNITEN) for the fund granted through the Internal Grant (UNIIG2019), Project code: J510050852.
References
Dincer, I. (2000). Renewable energy and sustainable development: a crucial review. Renewable and Sustainable Energy Reviews, 4(2), 157–175.
Mohamed, A. R., & Lee, K. T. (2006). Energy for sustainable development in Malaysia: Energy policy and alternative energy. Energy Policy, 34(15), 2388–2397.
Oliveira, R. L. De. (2018). Powering the future : Malaysia ’ s energy policy challenges. Kuala Lumpur: IDEAS Policy Research Berhad.
UNDP, United Nations Development Programme. (2007). Energy and Poverty in Malaysia: Challenges and the Way Forward. UNDP.
Wutenhagen, R., Wolsink, M., & Buer, M. J. (2007). Social acceptance of renewable energy innovation: An introduction to the concept. Energy Policy, 35, 2683–2691.
Renewable Energy (RE) and Theory on Business Sustainability: Malaysia Policy Development
