25 companies seek financing under Penang climate mitigation fund
GEORGE TOWN: A total of 25 companies have expressed interest in securing financing under the Penang climate mitigation fund, with five currently undergoing the assessment process.
GEORGE TOWN - Twenty-five companies are seeking financing through the Penang climate mitigation fund, with five currently under assessment. Established under the Penang Green Industry Programme in partnership with Alliance Bank, the fund initially allocated RM20 million, sourced from RM5 million state government contribution and RM15 million bank investment, with a potential up to RM100 million.
The chief minister, Chow Kon Yeow, highlighted that the fund aims to support eligible small and medium enterprises, as well as mid-tier companies, through preferential financing up to RM500,000, along with grants, sustainability assessments, and expert advisory services. This initiative recognizes that the shift towards clean energy is increasingly becoming a competitiveness issue for Penang, particularly given its significant electrical and electronics exports.
The Penang Energy Framework targets a 25% reduction in energy intensity and an increase in renewable energy share to at least 10% by 2030, with rooftop solar being a practical solution due to the state's land scarcity.
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