GEORGE TOWN, April 27 -- Penang launched a new Climate Mitigation Fund (CM Fund) with an initial RM20 million to help manufacturers implement sustainable solutions and reduce carbon emissions.

Penang Chief Minister Chow Kon Yeow said the fund is a collaboration between Alliance Bank Malaysia Berhad and the Penang state government under the Penang Green Industry Programme (PGIP).

"So as a show of our commitment to collaborate, we are putting in RM5 million and the understanding is that Alliance will put in three times the amount, so we have a total RM20 million to start," he told reporters after launching the Penang Green Industry Forum 2026 at The Olive Tree Hotel here today.

He said Alliance has also committed RM100 million to the fun...