This regional network is further strengthened through the collaboration among Asian countries to further the green agenda and sustainable development conferences such as the Asia Low Emission Development Strategies (LED) Forum, and the ASEAN Initiative on Environmentally Sustainable Cities. v.  To create a more diverse and robust financing ecosystem for green ventures, the sukuk market and venture capital industry can play a more active role in supporting this sector. To promote long-term financing, the sukuk market presents an additional avenue to meet market demands. Sukuk which uses a principles-based approach on having real productive underlying assets is an ideal financing solution for green technology projects which have large capital outlays and long gestation periods. Another is the promotion of a vibrant venture capital industry in Malaysia to complement the banking system, as it has the potential to facilitate the development of small and innovative businesses and the commercialisation of intellectual property. I am pleased to inform you that the recommendations made from this conference will be forwarded to the Government in designing a conducive ecosystem that will accelerate Malaysia to the frontier of green technology. It is therefore imperative that recommendations devised are practical, effective and holistic. Conclusion There remain large untapped opportunities in the green technology sector in Malaysia. Swift action is necessary not only to address the growing demand for green technology, but also to address the increasing risks to the environment.

Such financing are also in line with ethical and responsible financing principles, that contribute towards the long-term sustainability of this business. Governments around the world are also playing a critical role in catalysing sustainable development, through policies and regulations that encourage the adoption of green  BIS central bankers’ speeches  1  solutions. South Korea, for example, has adopted a shared vision for green growth and established the Green Growth Institute to implement efforts to deal with climate change and resolve environmental and energy issues. The Philippines introduced new legislation on climate change and established a Climate Change Commission to coordinate, monitor and evaluate the government’s actions to mitigate and adapt to the effects of climate change. In Malaysia, sustainability represents one of the key principles underpinning the New Economic Model and has been identified as a Key Strategic Reform Initiative which has led to the establishment of key agencies such as Malaysian Green Technology Corporation (MGTC) and Sustainable Energy Development Authority (SEDA). In the foreseeable future, green technology will be a driver to promote sustainable growth and development. It is in the financial industry’s interest to be involved and engaged in its rapid development. The Government has put in place, the necessary support, incentives and infrastructure. Therefore the banking industry must reciprocate in kind, by allocating more resources and putting in place the required ecosystem to expand financing into this exciting new era of new financing.