US$200mil scheme for green financing

Posted on August 14, 2010. Filed under: Environmental Economics |

-The Star-

PETALING JAYA: The Federation of Malaysian Manufacturers (FMM) will meet with representatives of Japan’s Sumitomo Mitsui Banking Corp next week to discuss the mechanisms of a US$200mil (RM632mil) “green financing” scheme that has been allocated to Malaysian manufacturers, its president said.

“We will meet next week and discuss how we will work out this scheme including how much to disburse and to which companies,” Tan Sri Mustafa Mansur told StarBizWeek when contacted yesterday.

The financing, the first of its kind in the country will be used to fund various types of “green initiatives” including renewable energy, recycling and waste management projects, Mustafa said.

Tan Sri Mustafa Mansur … ‘We will meet next week.’

The financing was open not only to members of the FMM but also to other companies, he said, stopping short of revealing the criteria needed to be eligible for the scheme.

“It’s all still very preliminary. When we work it out, we’ll let you know,” he said.

On April 20, Prime Minister Datuk Seri Najib Tun Razak witnessed the signing of a memorandum of understanding (MoU) between FMM, non-governmental organisation Green Purchasing Network Association Malaysia (GPNM), and Sumitomo Mitsui to develop the environmental business in the country.

In a statement issued by Sumitomo Mitsui on the same day, the banking group said “the environmental business is growing in Malaysia”.

Bernama, quoting the statement, said the aim of the MoU was to enhance the environmental business in Malaysia by capitalising on FMM’s domestic membership of over 2,400 companies, GPNM’s know-how in promoting Green Purchasing (buying products which are eco-friendly), and Sumitomo Mitsui’s financing expertise and experience in environmental projects.

“The aim of Sumitomo Mitsui is to further grow our business in Southeast Asia by developing the environmental business in Malaysia where there is high potential for reducing greenhouse gases,” the statement said.

Malaysia has pledged to reduce its carbon emissions by 40% from 2005 levels by 2020.

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