Wednesday, September 25, 2013

Malaysia launched $100mil (RM320 mil) green fund for South East Asia

Malaysia and Japan-based Asian Energy Investments Pte Ltd (AEI) have launched a US$100 million venture capital fund to invest in clean energy projects in South East Asia.

Malaysia-Japan partnership in venture capital fund raising

Green bank for South East Asia

Focusing on investments in small-to-mid-sized technologies and enterprises, a management company to be established called Putra Eco Ventures, will channel the investments and provide business consultancy services to green technology companies - such as wind, solar or tidal energy.

The announcement comes a little over a week after New York City launched its own US$1 billion green bank and in the wake of the new Australian government's decision to scrap its own green bank, the US$2 billion-a-year Clean Energy Finance Corporation.

Malaysia's Prime Minister Najib Razak announced the launch of the fund on Monday at a meeting of sustainable development experts in San Francisco in the United States.

It will also help find cheaper biodiesel feedstocks for Malaysian biodiesel plants which have been idled because they rely on expensive crude palm oil.

This we hope, will further transform Malaysia into a knowledge-based, innovation-driven economy that is environmentally friendly while aiming to join the ranks of developed nations.

Malaysia aims to reduce its carbon emissions by 40% by 2020 from 2005 levels and increase its renewable energy capacity to 4,000 MW by 2030.

TheGreenMechanics: More options  should now be available for the small and medium-sized enterprises to venture into sustainable energy business.

Source: Malaysian Times

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