PENANG kicked off its signature green event to promote sustainability with a memorandum of understanding (MoU) to provide funding for the private sector to realise environmental social governance (ESG) goals, besides underlining the state's commitment in renewables and efficiency energy.
Chief Minister Chow Kon Yeow, who launched the annual Penang Green Summit under the theme of "Moving Towards Sustainable Energy," said the conference and its outcome were designed to inspire the state towards realising ESG goals while positioning the private sector to incorporate renewable and alternative energy.
The summit is aligned with Malaysia's National Energy Transition Roadmap (NETR) and the state energy framework with the objective of helping the thriving industry base here, as well as small medium enterprises to migrate onto renewable and efficiency energy in a seamless fashion.
It is also part of the broader goals of mitigating climate change, Chow declared at the summit's opening in the newly established Penang Waterfront Conference Centre (PWCC) at the Light Waterfront City.
The MoU with Alliance Bank, one of the leading financiers in green transition, is to establish the nation's first climate mitigation fund, while the summit keynote speakers would help the 200 participants find ways to strengthen the green (circular) economy, accelerate industrial decarbonisation, driving policy action and collaboration.
Chow also disclosed that the state's greenery efforts, are yielding tangible results.
By 2050, Chow reminded that Penang wants to attain zero carbon emission.
Between 2019 and 2024, annual energy intensity in the manufacturing sector dropped by 19 percent, water intensity by 22 percent and industrial waste in landfills by 24 percent.
It reflects a growing mindset shift that sustainability and profitability in the private sector can co-exist , said Chow.
State executive councillor Zairil Khir Johari, who delivered a keynote address called on national authorities such as the Department of Environment (DoE) to support the state's water conservation projects.
He noted that the new energy framework requires industries and commercial building operators to source a portion of their energy reliant from Tenaga Nasional Berhad from renewable energy instead of the conventional electricity. - October 31, 2025.
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