PUTRAJAYA, Nov 17 (Bernama) -- The Ministry of Energy, Green Technology and Water has finalised the new National Renewable Energy Policy and Action Plan which is expected to play a very prominent role in the future energy mix and contribute significantly to the nation's economic development.

This new policy and approach would be unveiled once the Cabinet endorses it later this month, its minister Datuk Seri Peter Chin Fah Kui said.

"The new Renewable Energy Policy aims to enhance the use of our indigenous renewable energy resources towards our national energy autonomy and sustainable socio-economic development.

"The objectives can be met under the guiding principles of five key strategic thrusts. The fundamental thrust is the introduction of an appropriate regulatory framework to facilitate the Feed-in Tariff mechanism," he said in his keynote address at the Second National Solar Photovoltaic Conference, here today.

A legal team has been also appointed to draft the new Renewable Energy Act which is expected to be approved by the Parliament next year.

Chin said the government was serious in promoting green technology and solar energy.

He said Prime Minister Datuk Seri Najib Tun Razak would chair the National Technology Council that would meet in December for the first time to oversee the rapid progress in green technology.

Meanwhile, at the press conference, he said the government was aiming to have 5 percent of power in the country coming from various renewable sources by the year 2050 and the percentage did not include hydro-electric plants.

He said although it seemed like a modest target, the government was taking into account that it would take time for the people to turn to such power options.

At the same media conference, World Council for Renewable Energy General Chairman Dr Hermann Scheer said that even Germany had experienced a slow start when it first started to move towards introducing renewable energy sources several decades ago, and now it was known as one of the most advanced in its use.