PUTRAJAYA: The Green Technology and Climate Change Council meeting today agreed to extend the Green Technology Financing Scheme (GTFS), which will expire in December this year.
Chaired by Prime Minister Datuk Seri Najib Razak, the council decided to continue with GTFS 2.0, which is set to kickstart next year and continue until 2022.
"GTFS 2.0, with improved features, will receive an allocation of RM5 billion," said Energy, Technology and Water Minister Datuk Seri Maximus Ongkili after the council meeting.
Also present was Natural Resources and Environment Minister Datuk Seri Wan Junaidi Tuanku Jaafar.
Ongkili said GTFS 2.0 is important to ensure that green technology-based projects with strong potential receive the financial support needed so that they can contribute to the nation's green technology development and growth.
Under the Economic Transformation Programme, green technology is given special attention as it is one of the six Entry Point Projects (EPPs) that are expected to help grow the Gross National Income (GNI) by fourfold to RM78.7 billion by 2020.
GTFS offers guarantees on financing and rebates on the interest charged by financial institutions for green technology players.
GTFS also provides easier access to financing for those looking to develop sustainable technology.
It had an initial total financing of RM1.5 billion but the amount was increased to RM3.5 billion in 2012 due to overwhelming participation.