Opening speech by YAB Chow Kon Yeow, Chief Minister of Penang cum Chairman of Penang Green Council for the virtual Penang Green Finance Conference on 4th December 2021.

Good morning, ladies and gentlemen.

Welcome to the first Penang Green Finance Virtual Conference and thank you for taking the time out of your weekend to join us virtually today.

Green finance is a broad term that refers to financial investments directed toward projects and initiatives that focus on the environment, green sectors, sustainable development, and policies that encourage the development of sustainability and green concepts.

In some ways, this will help to empower and safeguard a better, more sustainable economy for a country or state. It includes climate finance, which focuses on investments aimed specifically at reducing greenhouse gas emissions and adapting to the effects of climate change.

Ladies and gentlemen,

As we are all aware, the effects of climate change have been rapidly manifesting in Penang in recent years, with rising temperatures, frequent flash floods, and sea level rise. As a result, shifting the state’s economic trajectory is becoming increasingly important in mitigating these effects and moving toward sustainable development.

Since 2009, the Penang State Government has introduced a number of green initiatives, including the Waste Segregation at Source policy, Bike-sharing scheme and No Free Plastic Bag campaign. My Penang2030 Vision, which aspires to make Penang ‘A Family-focused Green and Smart State that Inspires the Nation’ also emphasises the need for Penang to build a green economy and a climate resilient society by 2030.

We, too, have established the Penang Transport Master Plan, which outlines an ambitious future for our public transportation system, and launched the Penang Green Agenda 2030 this year, to provide a framework for Penang to achieve the United Nations Sustainable Development Goals.

Today, the Green Finance Conference is organised to increase the understanding of the role and potential of green finance in Penang’s sustainable development. Aside from that, we are introducing Penang’s sustainable development roadmap and green investment plans to the financial institutions and investors that are present today. As such, I would like to congratulate Penang Green Council team for the great effort in making this conference a success.

I am hopeful that this conference, the first of its kind in Penang, will greatly assist in project matching and provide a good opportunity for the State to collaborate with potential financing partners. Green finance represents the future, and I am confident that with the active participation of all stakeholders, it will benefit us in the long run and make our state a better place for all.

With that, I wish you all a productive session today and a wonderful weekend.