Minister of Energy, Green Technology and Water, Datuk Peter Chin Fah Kui said, although the projects towards green technology has been implemented in other countries for years, but local financial institutions still regard it as a new and skeptical to channel financing.
"This situation is especially difficult for investors efforts to obtain financing in this sector, causing slow development of green technologies to be implemented.
"The financial institutions are currently taking steps to wait and see rather than taking the risk, rather than acting as a key in the success of green technology in Malaysia," he said in his speech during the 2010 Tour of Green Technology here today.
The text of his speech was read by his deputy, Noriah Kasnon.
The one-day tour to discuss nine papers was opened by Chief Minister, Datuk Seri Adnan Yaakob.
Also present were, Chairman of the Information, Science, Technology and Innovation states, Datuk Mohd. Sharkar Shamsuddin and Chief Operating Officer, Malaysian Green Technology Corporation (MGTC), Ahmad Ismail Zairin.
Peter stressed that government would make every effort to overcome the constraints of the various initiatives including the introduction of Green Technology Financing Scheme with an initial allocation of RM 1.5 billion.
"Therefore, the government entrusted the MGTC in managing the fund is aimed at attracting the private sector to participate in business and industry in green technology.
"Until now, MGTC member certification green projects to 55 projects from 71 applications received.
"However, nine out of 55 projects offered funding the remaining projects still expect any financial institution providing financing," he said.
He added that the banking institutions and businesses should take the opportunity through the scheme in identifying new opportunities and potential of green technology, which helped create a sustainable future.
"This is because, on the whole scheme is expected to provide the benefit to 140 companies by the end of 2012," he said.
The refusal of the bank financing channel causes the use of green technology in the country slow.
Minister of Energy, Green Technology and Water, Datuk Peter Chin Fah Kui said, although the projects towards green technology has been implemented in other countries for years, but local financial institutions still regard it as a new and skeptical to channel financing.
"This situation is especially difficult for investors efforts to obtain financing in this sector, causing slow development of green technologies to be implemented.
"The financial institutions are currently taking steps to wait and see rather than taking the risk, rather than acting as a key in the success of green technology in Malaysia," he said in his speech during the 2010 Tour of Green Technology here today.
The text of his speech was read by his deputy, Noriah Kasnon.
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