KUALA LUMPUR: The ringgit opened lower against the US dollar and was mixed against other currencies, as support from firmer oil prices was offset by broad dollar strength and cautious positioning following the US Federal Reserve (Fed)'s rate decision.
Chow, Sundarajoo, Tan and InvestPenang chief executive officer Datuk Loo Lee Lian at the launch of Shift @ PGIP initiative.
—CHAN BOON KAI/The Star PENANG has launched the first phase of a RM100mil Climate Mitigation Fund, with an initial RM20mil to help small and medium-sized enterprises and mid-tier companies go green and decarbonise. Chief Minister Chow Kon Yeow said the first phase would be funded through a one-to-three ratio, comprising a RM5mil state contribution and RM15mil from Alliance Bank Malaysia Bhd.
“The state is putting in RM5mil and RM15mil will come from Alliance Bank Malaysia for an initial pool of RM20mil, but they have committed up to RM100mil. “It is not just talk; it is about putting one’s money where one’s mouth is,” he said during the Penang Green Industry Forum 2026 in Bayan Lepas.
He said the fund was aimed mainly at SMEs and mid-tier companies, with financing of up to RM500,000 per applicant, depending on requirements, at rates lower than conventional financing. The initiative sits under the Penang Green Industry Programme , which now includes the Sustainable and Holistic Industry Forward Transformation, or Shift @ PGIP, to guide companies from assessment to implementation, scaling and long-term growth.
Under Shift, companies will first undergo assessment through the Consumer Sustainability Industry Readiness Index , an internationally recognised framework that evaluates sustainability maturity across areas such as carbon management, energy use and environmental, social and governance integration. Chow said Penang was also strengthening ecosystem support by collaborating with the Selangor Human Resource Development Centre , which uses Cosiri to build sustainability capacity and talent development, particularly in ESG and digital manufacturing.
He said the urgency of the transition had intensified amid global energy uncertainties and supply disruptions, adding that industries must reduce reliance on conventional energy and accelerate the adoption of efficient, low-carbon solutions to remain competitive. The forum also saw the signing of a memorandum of understanding between Penang Green Council chief executive officer Josephine Tan and SHRDC executive director Teh Sook Ling to formalise the partnership.
“Sustainability, ESG compliance and carbon management are now part of how businesses remain competitive, resilient and relevant in global supply chains,” she said. Tan added that the Climate Mitigation Fund would provide financing as well as advisory and capacity-building support to help SMEs adopt green technology and improve energy efficiency. Penang housing and environment committee chairman Datuk Seri S. Sundarajoo said ESG compliance has shifted from being voluntary to becoming a prerequisite for participation in global trade.
“Going green and sustainability used to be a choice for developers and industries, but that is no longer the case. “It is now a necessity if we want to move forward and remain relevant in the global market,” he said. He added that the state government recognised the transition could be complex, especially for SMEs, and was committed to supporting industries through platforms such as PGIP and the forum.
The forum, attended by about 300 delegates, featured an industry panel discussion on practical pathways to sustainable manufacturing. Featured speakers included The Free Industrial Zone, Penang Companies’ Association president Elmar Friesnegger, Intel Corporation global senior facilities director of advanced packaging technology and manufacturing Vincent Saw, Alliance Bank Malaysia chief sustainability officer Roy Heong, ViTrox Corporation Bhd chief financial officer Lim Kim Seng and Penang Green Council strategic adviser Ng Shin Wei.
Smes Green Transition ESG Compliance Sustainable Manufacturing Penang Green Industry Programme Carbon Management Global Supply Chains Advisory Support Energy Efficiency Alliance Bank Malaysia
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
PGA raids illegal timber processing factory in Kuala Krai, seizes over RM1 million in assetsThe Pasukan Gerakan Am (PGA) raided a factory in Kampung Chuchoh Puteri, Kuala Krai, suspecting illegal timber processing activities worth over RM1 million. Seven individuals were detained, and authorities found untaxed timber and machinery. The case is being investigated under the National Forestry Act 1984.
Read more »
Kuala Lumpur's May Events: Music Festivals, Art Fairs, and Cultural CelebrationsA comprehensive guide to the exciting events happening in Kuala Lumpur this May, including music festivals, art exhibitions, cultural showcases, and family-friendly activities.
Read more »
Mamma Mia, Malaysia! Björn Again is bringing ABBA magic to Zepp KL this AugustKUALA LUMPUR, April 29 — Dust off the sequins and prepare for a full-blown disco throwback as world-renowned ABBA tribute act Björn Again is heading to Kuala Lumpur as part of...
Read more »
Celebrate A Memorable Mother’s Day With Shangri-La Kuala LumpurLatest News, Trends and Entertainment
Read more »
To Mom, With Love: Brunch & Yum Cha In Style At W Kuala LumpurLatest News, Trends and Entertainment
Read more »
Criminals, traffic violators beware: DBKL’s 10,000 CCTVs can now identify faces, track your routesKUALA LUMPUR, April 30 — The Kuala Lumpur City Hall today said all of its 10,000 CCTV cameras have been upgraded with high-resolution facial recognition technology that could...
Read more »