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An Update From Across The Globe

As lawmakers settle into 2024, we’re now seeing progress on policy and legislation in jurisdictions across the globe. 

An update from across the globe

As lawmakers settle into 2024, we’re now seeing progress on policy and legislation in jurisdictions across the globe. 


The Ministry of Mines has announced it will amend the mineral law framework as it relates to exploration licences. The licences are a new concept introduced in 2023 to encourage exploration of certain minerals including lithium, gold, cobalt and nickel. The framework enables the licensee to earn a proportion of the revenue earned by the state government when it auctions the grant of mining leases resulting from the operations of the exploration licensee.

It is expected that this regime will not only encourage the transition to clean energy but also bring more foreign investment into the sector. 


The US has been making moves to assess the impact of certain policies on the environment in the lead up to the Presidential election later in the year. This has included pausing approvals for pending and future applications to export liquefied natural gas (LNG) from new projects. While this falls short of banning LNG projects, it does provide the Department of Energy time to assess the economic and environmental impact of some projects. In 2023, the US was the largest exporter of LNG in the world so this decision is likely to have an impact on markets globally. 

There has also been some scuffling between the GOP and the Biden administration on electric vehicle incentives and other aspects of energy and climate policy as they both seek to assert their power in the lead up to the election.


The Norwegian Parliament introduced a resource rent tax on onshore wind power on 1 January 2024. The resource tax rate is 25% which is lower than hydropower (45%) and petroleum (56%). The rent tax will be calculated on cash flow instead of profit and the tax value of negative resource rent can be carried forward and paid out after the wind farm begins operations. There are some transitional arrangements in place for existing wind farms.


Malaysia has committed to achieving net zero greenhouse gas emissions by 2050 and 70% installed renewable energy capacity by 2050. To ensure it meets its objectives, the Government recently announced that it will open bids for its 5th Large Scale Solar Programme, its first in three years. The Large Scale Solar Programme involves competitive bidding to bring down the Levelled Cost of Energy for the development of large scale solar photovoltaic plants. The Energy Commission is expected to issue a request for proposal documents in April 2024 but it is not yet known if foreign companies will be able to bid. 

The Malaysian Government has also announced other initiatives to increase installed renewable energy. These include a Low Carbon Energy Generation Programme of up to 400 MW that will encourage some  low-carbon power generation sources including small hydro, biogas, biomass and hydrogen. They have also announced an additional quota of 400 MW under its Net Energy Metering programme. This programme allows energy produced from solar photovoltaic installation to be given consumption priority, with any excess exported to Tenaga National Berhad (the Malaysian multinational electricity company).

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