KUALA LUMPUR, Aug. 11 (Xinhua) -- Malaysia unveiled its National Energy Efficiency Policy and Action Plan 2026-2035 (NEEAP 2.0) on Tuesday, aimed at delivering 85.24 billion ringgit (20.8 billion U.S. dollars) in utility savings while reducing national energy demand by 11.6 percent and achieving cumulative energy savings of 815,383 terajoules by 2035.

The policy and action plan also include greenhouse gas emissions avoidance of 26,108 kilotonnes of carbon dioxide equivalent, Economy Minister Akmal Nasrullah Mohd Nasir said during the launch of the NEEAP 2.0 at the 7th International Sustainable Energy Summit here.

"Together with the next phase of national policy, including thermal energy management, it will encourage users to optimize consumption, improve competitiveness, and reduce pressure on the grid," he said.

The NEEAP 2.0 focuses on four strategic thrusts, including implementation of an energy efficiency (EE) plan, reskilling and upskilling the workforce for operational EE improvement, sustainable funding mechanisms, and facilitating private sector EE initiatives and investments.

Key initiatives include improving EE across the industrial, building, and domestic sectors through measures such as energy-efficient facilities, energy audits, and regulating new equipment and appliances.

Meanwhile, the Ministry of Energy Transition and Water Transformation said in a statement that the implementation of NEEAP 2.0 is expected to attract 36 billion ringgit in private investment and create approximately 29,000 new jobs.

"Priority will continue to be given to high-impact sectors to stimulate the country's economic growth, while ensuring the participation of all segments of society," the ministry said. (1 ringgit equals 0.24 U.S. dollars)