The Malaysian government may expand its support of sustainable technology development with another RM1.5 billion (US$470 million) fund to provide soft loans to companies supplying and using it, especially in the energy, water and waste management industries. An initial RM1.5 billion fund was set up as part of the 2010 Budget as the Green Technology Financing Scheme (GTFS) and 10% has already gone to projects like a mini-hydro plant, waste water management, and projects not directly involved with green tech development such as paper, electronic ribbon and even cake manufacturing.

Energy, Green Technology and Water Minister Peter Chin Fah Kui said over 60 GTFS applications had been received since early this year, with 43 approved and awarded the ‘green certificate’ for financing. As well as having ecological credentials, companies also needed to have their economic viability assessed by banks. Mr. Chin said he would talk to Treasury about a second fund next year, and hoped to speed up the approval process.

Green technology development in Malaysia was lagging behind Singapore and Thailand, he said, possibly due to a lack of awareness about inefficient energy usage and carbon emissions. Meanwhile, the Malaysia Energy Centre COO Ahmad Zairin said estimates showed the sustainable technology industry could be worth over RM100 billion ($31.6 billion).

source & full article: Business Times