Malaysia proposes bank to fund clean-energy related industries

Malaysian Prime Minister Najib Razak proposed in Kuala Lumpur on Wednesday that a "Clean Energy Development Bank" be established to accelerate the development of clean energy- related industries.

The bank was for the benefit of developing states of Organizations of the Islamic Conference, said Najib when opening the Sixth World Islamic Economic Forum attended by over 2,500 participants from 67 countries.

Najib said that as clean energy was being pursued by governments, there was tremendous potential for the development of alternative energy sources.

This was particularly true when security of energy supply was becoming a priority for countries with few hydrocarbon resources, added Najib.

The prime minister said that Malaysia was prepared to spearhead the initiative of setting up the bank which he hoped could be discussed during the forum's Special Leadership Dialogue Session on Climate Change.

Meanwhile, Najib also shared Malaysia's experience in going green where a ministry looking after green technology was formed.

He also said that incentives were granted to qualified corporations for investing in green energy such as solar power.

"We need to make the green agenda central to policy making. The current reality must be recognized: we all stand accused of doing too little too late.

"We need to do more to develop alternative energy sources that address growing requirements and prevent further degradation of the environment," said Najib.

Themed "Gearing for Economic Resurgence", the forum is held in Kuala Lumpur, capital of Malaysia, from May 19 to 20.

Heads of several governments including Brunei, Indonesia, Bangladesh, Senegal, Kosovo and Maldives participated in the forum and delivered their addresses during the opening ceremony.

Source: Xinhua