GreenTech Malaysia Becomes Founding Partner Of Green Bank Network

KUALA LUMPUR, Dec 8 (Bernama) -- The Malaysian Green Technology Corporation (GreenTech Malaysia) has become a founding partner of the Green Bank Network, which was formalised in Paris Tuesday, that would help meet the urgent need of increasing and accelerating investment in renewable and energy efficiency worldwide. The other founding partners are the UK Green Investment Bank, the Connecticut Green Bank, NY Green Bank, the Green Fund of Japan, and Australia's Clean Energy Finance Corporation. The network is made up of six green banks and two non-profit organisations. "Green banks are public entities created to partner with the private sector to increase investment in clean energy and bring clean energy financing into the mainstream," GreenTech Malaysia said in a statement issued from Paris. It said green banks represented at a summit in New York last year highlighted that it would collectively spend about US$40 billion in capital for investments over the next five years. GreenTech Malaysia Chief Executive Officer Ahmad Hadri Haris said GreenTech Malaysia is proud to be one of the founding partners of the world's very first global Green Bank network. "Together with leading green banks, this network will open up access to a pool of financial resources, cross-country expertise and developmental opportunities to green establishments and entrepreneurs across the world to deliver on the aspirations of COP21," he said. GreenTech Malaysia is an organisation under the purview of the Ministry of Energy, Green Technology and Water. (COP21 is a meeting of leaders from 195 nations from Nov 30 to Dec 11 in Paris, where they discuss the impact of greenhouse gas emissions and climate change and negotiate over new agreements aimed at cutting emissions in the future). --BERNAMA