CEFORE UMT Selected To Join CFIL, Will Drive Renewable Energy Technology

KUALA NERUS, July 30 (Bernama) -- Universiti Malaysia Terengganu (UMT) has achieved another success as the Offshore Renewable Energy Centre (CEFORE) has been selected to join the Climate Finance Innovation Lab (CFIL) Accelerator Programme led by Bank Pembangunan Malaysia Bhd (BPMB).

CEFORE director Associate Professor Dr. Mohd Asamudin A Rahman said that this achievement places UMT among high-potential projects that will drive the development of renewable energy technology and climate financing in Malaysia.

He said the prestigious programme, supported by Bank Negara Malaysia (BNM), aims to accelerate the development of innovative climate financing solutions to support the country's aspirations towards achieving a net-zero economy, enhancing climate resilience, and strengthening environmental conservation efforts.

"The CFIL Accelerator Programme brings together high-impact projects from across the country to participate in a 12-month incubator programme that emphasises business model development, financing strategies, innovation, marketability and technology commercialisation.

"CEFORE successfully passed the competitive screening process when selected for the presentation stage, before qualifying to participate in the programme out of a total of 22 competing teams," he said in a statement today.

Mohd Asamudin said that the selection proves that the research and innovation developed by UMT not only meet high academic standards but also have great potential to be translated into real solutions that benefit the industry and the country.

He also said that indirectly, it opens up opportunities for CEFORE to access a more robust climate finance ecosystem, as well as expand collaboration networks with financial institutions, government agencies, investors, and industry players to accelerate the development of offshore renewable energy projects.

"This is not just an acknowledgment of our research results, but also the starting point for a new phase in the development of CEFORE. Our focus moving forward is to accelerate the commercialisation of technology, strengthen cross-sector collaboration, and develop sustainable financing models so that the innovations produced can translate into real impact for society, industry and the nation," he added.

CEFORE is a centre of excellence established by UMT to drive research, innovation, and the development of offshore renewable energy, in line with the national aspiration towards energy transition and sustainable blue economy development.

-- BERNAMA