RM100 million for industries to move towards sustainability from Alliance Bank

A total of RM100 million has been allocated by Alliance Bank to assist high impact industries as well as the small medium entrepreneurs in Penang in its first of its kind initiative to assist industry players to embrace sustainable practices.

This is a first of its kind initiative to assist industries.

Speaking to the press in an exclusive with selected media, Alliance Bank’s chief sustainability officer Roy Heong Beng Wai said the funds would be given out in phases.

“First we want to focus on manufacturing, electric and electronics, medicine and plastics. After that we will extend it to other industries.

“The initial fund is RM100 million. We want to do with RM20 million,” he said.

Penang Chief Minister Chow Kon Yeow yesterday announced that Penang was signing a memorandum of understanding to establish the Climate Mitigation Fund to aid industries to transition towards sustainability.

“We want the industries to demonstrate sustainable practices.

“We will provide capacity building, workshops, climate assessment and green technology. We need to be holistic.”

The bank would be in discussion with the state government to speed up the initiative.