Penang considering ‘green financing’ for PSR project

Penang considering ‘green financing’ for PSR project

GEORGE TOWN: The state government will consider the green finance approach to obtain funding for implementation of the Penang South Reclamation (PSR) project.

Penang Infrastructure and Transport Committee chairman Zairil Khir Johari (pix) said the advantage in developing the ‘greenfield’ area was that the state government could meet all the Environmental, Social and Governance (ESG) requirements in the design of the project.

“The ‘green financing’ proposal is very good. The state government will organise a ‘workshop’ on this on Dec 4,“ he told the State Assembly today.

Zairil (DAP-Tanjong Bungah) said this in response to an oral question from Lee Khai Loon (PKR-Machang Bubok) regarding funding of the PSR project.

Zairil also told the State Assembly that delay or cancellation of the PSR project implementation would affect Penang’s reputation as an investment destination and the state’s economic growth in the future.

He said the absence of industrial sites such as Green Tech Park for the development of future high-tech industries meant that Penang would lose the opportunity to attract investments, worth tens of billions of ringgit, to the state.

He said that as of Oct 31, the government had met with 13,957 residents that would be affected by the implementation of the PSR project.

Most of them could accept the PSR project if it does not have a huge negative impact on the fishing community and the environment there, he added.

-Bernama

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