GreenTech's RM3.5b scheme, set up in 2010, to be used up by year-end

BANGI: Malaysian Green Technology Corp (GreenTech Malaysia) is confident that the Green Technology Financing Scheme’s (GTFS) RM3.5 billion to fund green projects to avoid 3.16 million tonnes of carbon dioxide (CO2) emissions will be fully snapped up by year-end.
GreenTech Malaysia CEO Ahmad Hadri Haris said the GTFS has thus far financed 272 green projects amounting to RM2.96 billion since its introduction in 2010. These projects are expected to contribute to the elimination of 3.16 million tonnes of CO2 equivalent, creating 4,645 green jobs and generating RM5.81 billion in green investments.
For this year, the GTFS will have a remaining of RM500 million to finance about 30 to 40 green projects.
“Most of these projects we expect them to come from renewable energy, particularly solar energy. We also saw opportunities for the building sector to get involved in energy efficiency, as well as transport and waste management,” Ahmad Hadri told reporters at a media briefing yesterday.
He said GTFS will be able to achieve its RM3.5 billion target this year, as it had in 2013 exceeded its target of RM1.5 billion.
The government will also be extending the scheme for five years with an additional allocation of RM5 billion in GTFS 2.0, starting 2018, which will encourage growth in the green technology sector.
Over the years, GTFS has helped Malaysian financial institutions grasp the prospect of green technology ventures better, resulting in a growing acceptance among banks to fund new green projects even in the absence of proven track record. This signals the shift in mindset among conventional banks to include green impact in their considerations in addition to usual financial criteria.
Currently GTFS has 28 participating financial institutions. GTFS has also been recognised internationally for its successful role in spurring green investments.
Meanwhile Ahmad Hadri, who will be leaving the organisation after four years, said GreenTech Malaysia continues to lead the nation’s green technology landscape through impactful projects under its four flagships Green Malaysia Plan, Green Procurement, Electric Mobility and Sustainable Living.
He said GreenTech Malaysia has been focused on strengthening the company’s foundation and forming the right partnerships to venture into bigger projects that can create greater socio-economic impact in line with Malaysia’s green agenda.
Under the Green Malaysia Plan Flagship, the organisation has to date developed 10 green policies and blueprints, including the National Electric Mobility Blueprint, Kedah Green Agenda, Selangor Green Action Plan as well as the recently sanctioned Green Technology Master Plan, aimed at guiding the intended authorities and sectors to incorporate green action plans within their area of jurisdiction.
Under the Green Procurement Flagship, GreenTech Malaysia has extended the Government Green Procurement programme to 12 ministries and agencies with the target to have all ministries participate in the programme by 2017, collectively achieving 20% of green procurement by 2020.
In the area of Electric Mobility, GreenTech Malaysia has installed 160 ChargeEV stations across the country and delivered 17 Teslas.
Under the Sustainable Living Flagship, GreenTech Malaysia targets to have all 154 local authorities understand the concept of the Low Carbon Cities Framework (LCCF) and 52 local authorities to implement the LCCF and produced their baseline CO2 data by 2020.