November-December , 2020 | @ green BUDGET
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Promising
‘ Green Path ’
Government will continue Green Technology Financing Scheme 3.0 with a fund totalling RM2 billion for two years until 2022
By NEERA KHANDPURI
Sustainability and green technology development will be given a bigger boost in 2021 as it can be a source of new economic growth while creating employment opportunities as Malaysia wades through the Covid-19 pandemic .
To ensure resource sustainability in the future , Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz , when tabling Budget 2021 in parliament recently , listed three measures - sustainable finance , sustainable development plan , and environmental conservation .
Under sustainable finance , he said the government would issue the nation ’ s first Sustainability Bond for environmental and social initiatives in 2021 .
It will also continue existing income tax exemption for Sustainable and Responsible Investment ( SRI ) green Sukuk grant to all types of Sukuk and bonds and will be extended until 2025 .
The government will also continue Green Technology Financing Scheme 3.0 with a fund totalling RM2 billion for two years until 2022 .
“ The basis of our economy is the environment and natural assets . Therefore , as a responsible government , it is important for us to balance between development and preservation of the environment ,” said Tengku Zafrul when delivering the Budget themed In Our Strength Lies Our
Collective Victory . “ This way , the quality of life and legacy for future generations are preserved .”
Commenting on Budget 2021 , Malaysian Green Technology and Climate Change Centre ( MGTC ) Chief Executive Officer Shamsul Bahar Mohd Nor said the incentives announced under the sustainable development in Budget 2021 showed the government ’ s commitment to spurring the green economy agenda amid the Covid-19 pandemic .
“ It shows the government ’ s strong emphasis on driving public awareness that environmental conservation matters ,” said Shamsul . — @ green
Initiatives can reduce Green House Gas ( GHG ) emission
The Malaysian Green Technology and Climate Change Centre ( MGTC ) said the 2021 Budget reflected the government ’ s commitment to spur the green economy agenda amid the Covid-19 pandemic . The Chief Executive Officer Datuk Shamsul Bahar Mohd Nor welcomed the announcement by the Minister of Finance , Tengku Datuk Sri Zafrul Aziz .
“ In ensuring environmental sustainability and boosting Green Economy , the government proposed to continue with the successful Green Technology Financial Scheme with an allocation of RM2 billion ,” said Shamsul .
“ This would encourage the private sectors mainly the manufacturing and services industry to participate in green technology .”
Similarly , with the introduction of Sustainability Bond under Sukuk Prihatin would further support the Green Economy growth .
Shamsul also applauded the introduction of the Save 2.0 programme of RM30 million allocation to encourage the households to purchase energy efficiency appliances worth RM200 .
These initiatives would contribute to the reduction of the Green House Gas ( GHG ) emission .
“ This is a good drive in creating public awareness that environmental conservation matters ,” added Shamsul .
The government is also promoting Renewable Energy as the alternative source of energy with the support of the Green Hydrogen Economy .
The narratives indicated the government upheld the Sustainable Development Goals ( SDG ) as part of their primary focus . — @ green
Malaysia works with United Nations ( UN ) on sustainable initiatives
Stressing that the basis of Malaysia ’ s economy is the environment and natural assets , Budget 2021 paid particular focus on the sustainability agenda and highlighting the balance between development and preservation of the environment .
Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz , when tabling Budget 2021 in parliament recently , listed three measures- sustainable finance , sustainable development agenda , and environmental conservation as the vital points to ensure resource sustainability in the future .
Stating that Malaysia is committed to develop sustainable resources that have high potential of economic growth , Tengku Zafrul announced Malaysia was now in the pathway to adopt the United Nation ’ s ( UN ) 2030 Agenda for Sustainable Development that included 17 Sustainable Development Goals ( SDGs ).
Tengku Zafrul said in 2015 at the un General Assembly , Malaysia together with other member countries , had agreed to adopt the 2030 Agenda for Sustainable Development that included 17 SDGs .
The 17 SDGs outlined in the 2030 Agenda for Sustainable Development was launched in 2015 and was a universal collection of goals , targets and indicators designed to safeguard the well-being of the planet and improve the lives of people everywhere .
“ Now , for the first time , the annual Budget is aligned with the SDG , so that our rakyat can move towards a more prosperous , more sustainable and inclusive future .
“ The government , through cooperation with the United Nations , will establish the Malaysia-SDG Trust Fund or MySDG Trust Fund with an initial allocation of RM20 million .” he added .
Tengku Zafrul said the fund would coordinate financing from various public and private sources systematically . Thus , multiple parties can contribute and be involved in efforts to ensure the SDG is achieved by 2030 .
Also , the government supported the SDG programmes implemented by the Malaysian Parliamentary Party Cross Group with an allocation of RM5 million .
To preserve natural resources , Tengku Zafrul announced five initiatives that wouldl be implemented for that purpose . They are :
• RM50 million will be provided to address waste and solid waste trapped in rivers .
• RM40 million provided over five years to strengthen environmental quality monitoring enforcement activities , including the establishment of 30 monitoring stations nationwide .
• RM10 million to implement the Integrated Island Waste Management project around the islands in Johor and Terengganu to reduce the effects of coral reef destruction and marine life .
• Increase the allocation under the taHAP to all State governments from RM350 million to RM400 . Of this amount , RM70 million is also allocated for Ecological Fiscal Transfer activities as an additional incentive to the State governments to ensure the sustainability of the country ’ s biodiversity .
• Implement mangrove tree planting programmes to preserve mangrove swamp areas and other tree species along the coast , including Tanjung Piai , Johor and Kuala Sepetang , Perak . “ Furthermore , the SAVE 2.0 programme will be introduced , which is an e-Rebate of RM200 to households who buy any energy-efficient locally manufactured air-conditioner or refrigerator . A total of RM30 million is provided for this programme which is expected to benefit 140,000 households ,” he said . — @ green