News: US$100 million partnership deal between Malaysia and Japan to fund green tech ideas and innovations
Malaysia has partnered with Japan-based Asian Energy Investment Pte Ltd in a US$100 million investment to fund Southeast Asian green technology ideas and innovators. This investment is part of an effort to accelerate the development of green energy products and businesses in Malaysia and within the region. The funds will be channeled in by a new Malaysia-based fund management company, Putra Eco Ventures Inc., which will also provide business consultancy services to green technology companies.
The partnership was announced at Malaysia’s Global Science and Innovation Advisory Council (GSIAC) in San Francisco. Dr. Zakri Abdul Hamid, who co-chaired the council secretariat and is also the Science Advisor to the Prime Minister of Malaysia, commented that there is a historical trend in energy source usage called ‘energy decarbonisation’. This trend, according to him, involves the progressive usage of energy sources (from wood and coal to oil, natural gas and electricity) over the last two centuries, which lead to a lower carbon emission per unit of energy. Dr .Zakri also mentioned that the investment will encourage the development of new technologies to draw and store energy from renewable sources.
GSIAC considers investment in green energy to be of top priority particularly for countries looking to ascend the world’s financial ranks. This also resonates with a statement given by Jerry Hultin, who is the Senior Presidential Fellow of New York University (NYU) and President Emeritus of the Polytechnic Institute of NYU. Jerry states that green energy is an investment of high importance especially for emerging economy countries. It is evident that for any country that seeks to sustain itself in the future, they should start investing in green technology as being too dependent on non-renewable energy will spell disaster.
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