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YTL Corp Bhd managing
director Tan Sri Francis Yeoh has suggested the setting up of a United
Nations-backed climate change bond as part of the business community's
response to global warming.
"The bond can be a 30-year bond with money paid upfront. Bonds will be
issued to raise up to US$30bil in the capital markets and backed by
governments' pledges."
The money raised can be used
to spur a lot of activities or projects related to climate change," he told
a media briefing on the upcoming Climate Change Week yesterday. Yeoh said
that besides bonds, a carbon tax could also be imposed to adress global
warming. "If we can prevent global warming, we might help save 20% of global
gross domestic product. This amount could potentially be wiped out if we go
on with business as usual," he said.
Yeoh said the carbon tax must applied to every industry that used fossil
fuels, every home or building with a heating system, every motorist and all
public transportation systems. "This is something that can be implemented
independently by countries, with immediate and effective results in reducing
carbon emissions. This should trigger innovations designed to save fuel as
well as incentives to conserve and reduce carbon emissions," he added.
Yeoh said YTL group, with businesses in cement and power, would like to do
more to improve efficiency and cut down on emissions. As part of its
commitment tot environmental projection, YTL Corp will host the Climate
Change Week from March 6 to 9, to raise environmental consciousness among
Malaysians and inspire them to join the fight against global warming.
Other events organised throughout the week include the launch of Cut Carbon,
Grow Profits, a book comprising a collection of international case studies
from corporate leaders, the premiere screening of An Inconvenient Truth
starring former US vice-president Al Gore and a Cut Carbon, Grow Profits
business conference.
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