Malaysia committed to renewable energy and green technology- Najib

PUTRAJAYA: Malaysia is committed to adopting renewable energy and green technology to become a leading nation in the 21st century, said Datuk Seri Najib Tun Razak.

The prime minister said the government realised that in the 21st century renewable energy and sustainable energy as well as green technology would be the core of economic growth for all countries.

"This is not an option but a reality that all nations must face up to. Only those who master the application of green technology and sustainable energy will be the winner in the 21st century," he said at the launch of the
Green Technology Financing Scheme (GTFS), here on Tuesday Jan 26. Also present was Energy, Green Technology and Water Minister Datuk Seri Peter Chin Fah Kui.

Najib also witnessed the signing of a memorandum between the Finance Ministry and the Credit Guarantee Corporation. The prime minister said the government realised that it was not sustainable to be over-reliant and over-dependent on fossil fuels. 

"During the recent conference of the parties in Copenhagen, I was pleased to join world leaders, academics and NGO leaders to consider these opportunities. Although the outcome was rather disappointing, at least there is additional commitment by many countries in the sense that all nations believe that we must somehow put together a legally binding commitment soon after the Copenhagen summit," he said.

Najib said the threat was real and these discussions must continue because, around the world, the effects of climate change were being seen. "From melting polar ice caps to loss of endangered species to unprecedented
numbers of natural disasters, it is all around us. We are seeing more severe, more deadly results than ever before," he said.

Najib said the investment of RM1.5 billion for the GTFS would encourage business investment in green technology, green construction and innovation.

"The government will play its role, covering two per cent of the loan's interest rate and providing a guarantee of 60 per cent on the financing. The remaining 40 per cent will be covered by banks," he said.

He said that since the scheme opened on Jan 1, some 186 companies had responded to the initial soft loan offer. "I am confident that in the long-term strengths and benefits of this scheme for companies that invest in green technology as well as financial institutions that see green technology as a smart, strategic investment," he said.

He said the second reason for Malaysia to move forward swiftly in green technology development was because jobs, industry opportunities and economies of the future would be vastly different from those of today.  

"As a government, we are putting an emphasis on high-potential sectors of growth - Islamic finance, biotech and high technology, and advanced manufacturing processes along with green technology. 

"We do this not only because they are industries of the future, but also because we know Malaysia can compete and succeed in them," he said. 

The GTFS is a special financing scheme introduced by the government in the 2010 Budget to promote and support the development of green technology in Malaysia.

Earlier, Najib, who chaired the first National Green Technology Council meeting, also announced Putrajaya and Cyberjaya as pioneer townships in green technology in the country. -- Bernama
Looking for properties to buy or rent? With >150,000 exclusive listings, including undervalued properties, from vetted Pro Agents, you can now easily find the right property on Malaysia's leading property portal EdgeProp! You can also get free past transacted data and use our proprietary Edge Reference Price tool, to make an informed purchase.