Set up green bank!

Malaysia has proposed the setting up of a Clean Energy Development Bank to boost eco-sustainable efforts by developing countries of the Organisation of the Islamic Conference (OIC).

Prime Minister Datuk Seri Najib Tun Razak said the country was ready to spearhead the initiative, which would help accelerate the development of clean energy-related industries.

Speaking at the 6th World Islamic Economic Forum (WIEF) here, Najib said it was important to make the green agenda central to policy-making.

“The current reality must be recognised: we stand accused of doing too little too late. We need to do more to develop alternative energy sources that address growing requirements and prevent further degradation of the environment,” he said.

Najib said more inter-government collaboration was required to formulate policies and initiate programmes that promoted renewable energy options, such as biofuels.

Leaders at the forum included Brunei's Sultan Hassanal Bolkiah, Senegal President Abdoulaye Wade, Indonesia President Susilo Bambang Yudhoyono, Kosovo President Fatmir Sejdiu, Maldives President Mohamed Nasheed and Bangladesh Prime Minister Sheikh Hasina.

Najib said he hoped the proposal to set up the Clean Energy Development Bank would be discussed during the forum's Special Leadership Dialogue Session on Climate Change.

“As clean energy is being pursued by governments and security of energy supply is becoming a priority for countries with few, if any, hydrocarbon resources, there is tremendous potential for the development of alternative energy sources,” he said.

Najib also proposed that funds be set up to develop education infrastructure and support teacher training and academic research.

“No Muslim country can aspire to be a leader in any field without investing in education. Properly structured, managed and utilised, such funds can help reduce the educational gap that exists between the Muslim and non-Muslim world,” he said.

He also proposed that the OIC hold an economic summit, in collaboration with the Islamic Summit Conference.

“This way, we can focus on pressing economic issues and ways to expedite decisions and actions on behalf of the Muslim world.

“A dedicated, issue-oriented summit of this type would breathe new life and meaning into the OIC and overcome any cynicism towards it,” he said.