M'SIA COMMITTED TO ADOPTING RENEWABLE ENERGY AND GREEN TECHNOLOGY - PM

PUTRAJAYA, Jan 27 (Bernama) -- Malaysia is committed to adopting renewable energy and green technology to become a leading nation in the 21st century, said 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 Tuesday.

Also present was Energy, Green Technology and Water Minister 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 (US$438.4 million) 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