Kuala Lumpur, 30 June 2021 – In an effort to support the country’s transition to a low carbon economy and national ambition to increase the renewable energy share to 31% of the country’s power mix by 2025, Hong Leong Bank (“HLB” or the “Bank”) recently hosted its second virtual ‘Sustainability Roundtable’ on Renewable Energy (Solar): Industry Outlook & Preparing for a Sustainable Future. The roundtable underscored renewable energy, especially solar, as both a commercially viable and environmentally positive investment, in which SMEs and Corporates should consider to future-proof their operations.
Solar power is the fastest-growing renewable power source in the world and, in Malaysia. Its uptake and investment have been ramping up over the past few years with initiatives such as green technology incentives and enhanced Net Energy Metering (“NEM”) programs. With solar power systems primarily driving the country’s renewable energy goals, there are an abundant of opportunities for corporates and SMEs to pursue in building a more sustainable business.
For SMEs who are just starting out to integrate more Environmental, Social and Governance (“ESG”) considerations into their operations, renewable energy adoption can prove to be a daunting task. With many schemes and programs for solar power options, over 100 solar power service providers and a significant amount of investment needed, these can become barriers for businesses to take the step to use renewable energy for power generation.
Yow Kuan Tuck, HLB’s Managing Director of Business Corporate Banking shared that “We believe sustainability as a mindset and culture is a necessity in every business and industry, including financial institutions. The links between a financial institution and climate change or low carbon footprint may not be as intuitive at first glance but where and how we invest, loan or channel money impacts the way businesses are run and how well our economy performs in the long run.”
“As a bank, we have a responsibility in steering the sustainability transition and mindset amongst our SME and corporate customers. We do this with the provision of working together where we find opportunities and solutions to balance profit, people and the planet, as well as enable households, businesses and the economy to become more resilient to climate change impacts.”
The HLB Sustainability Roundtable which was moderated by Gladys Mak, HLB’s Renewable Energy Specialist, featured industry leaders Esther Lew, Principal Assistant Secretary of Renewable Energy from the Ministry of Energy and Natural Resources (“KeTSA”), Wan Hashimah Wan Salleh, Director of Green Technology Division at the Malaysian Investment Development Authority (“MIDA”), and Gary Dass, CEO of Tex Cycle Technologies (M) Berhad (“Tex Cycle”).
Ample Renewable Energy Initiatives by The Government