Shah Alam: Eco World Development Group Berhad (EcoWorld) and Public Bank Berhad (Public Bank) signed a memorandum of understanding (MOU) today for green and sustainable development financing.

Under this MOU, Public Bank will offer its Special Sustainable Financing Package for customers to purchase properties developed by EcoWorld which have attained green certifications from Green Building Index, GreenRE and other accreditation bodies.

The signing of the MOU was held at Eco Grandeur, EcoWorld’s largest township which is situated in the emerging Puncak Alam growth corridor in the Klang Valley. Along with Eco Business Park V, which is part of EcoWorld’s series of green industrial parks being developed in the same corridor, the combined acreage of the two projects span close to 2,300 acres. Both Eco Grandeur and Eco Business Park V (EBP V) projects are funded by Public Bank, EcoWorld’s financing partner right from the beginning in 2016.

“Today’s occasion is most meaningful as it marks the collaboration between Public Bank and EcoWorld to bring positive changes to the planet. It also presents a good opportunity for Public Bank and EcoWorld to jointly promote the green building agenda and be part of the global climate solution for a sustainable planet,” said Tan Sri Dato’ Sri Dr. Tay Ah Lek, Managing Director and Chief Executive Officer of Public Bank.

The Special Sustainable Financing Package forms part of the bank’s green initiatives to encourage individuals and businesses to reduce their carbon footprint and pursue sustainability.

The package covers the financing of residential and non-residential properties under Public Bank’s Green 5HOME Plan and Green SWIFT Plan respectively. Attractive features offered include preferential pricing, fast lane approval and a financing option for customers who wish to purchase eco-friendly and energy efficient appliances, fixtures and fittings to enhance the sustainability elements of their properties.

Tan Sri Tay added that in addition to a commitment to achieve carbon neutrality by 2030 and net zero by 2050, Public Bank will be mobilising RM40 Billion in ESG friendly financing by 2025 including making green building financing more accessible to customers.

Dato’ Chang Khim Wah, President & CEO of EcoWorld said that Public Bank is certainly making good its pledge to be a catalyst for meaningful change as part of its efforts to reach net-zero by 2050.

“We are delighted to work together with Public Bank to encourage our mutual customers to embrace sustainability in their lifestyles, homes and business premises. The need to take proactive steps to combat climate change has never been more urgent. With Public Bank as our partner, it is easier and more affordable for customers now to own a green-certified property. On our part, we will continue to pursue sustainable development, promote green living and invest in green-certification for our projects. This is a commitment we made since we first established the EcoWorld brand and to date, close to 90% of our projects are green accredited,” said Chang.

To reflect EcoWorld’s long-term sustainability aspirations, a detailed Sustainability Framework was established for both Eco Grandeur and EBP V from the outset. This Framework serves as a guide on the steps to be taken to fulfil EcoWorld’s vision for sustainable development and the establishment of a sustainable society.

At the earliest stage, the gaps and needs of the site were analysed. These include issues faced by the local and surrounding communities and how they can be improved and mitigated. Value creation was accelerated and enhanced via judicious infrastructure investment and sustainable master planning, with potential for much further growth as these two complementary projects continue to progress and mature.

From an environmental standpoint, biodiversity processes and patterns were also studied and taken as bio-indicators to drive the master planning effort which seeks to harmonise the built environment with nature. Town parks, pocket and linear parks, waterways and waterbodies were created and reconfigured to enable the natural flora and fauna of the site to thrive.

Social justice issues were also addressed when Eco Grandeur successfully completed and handed over 987 landed units to the original settlers of the land who had waited for more than 20 years for their dream homes, following the abandonment of the project by the previous developers.

“From an environmental, economic as well as societal standpoint, Eco Grandeur, Eco Business Park V (EBP V) and Laman Haris (Settler Home Precinct) represent EcoWorld’s most comprehensive expression of our sustainability aspirations to date. It has been a rewarding journey thus far seeing so many things come to life here. As a developer, our greatest desire is to create outstanding living, working and recreational spaces that will positively impact lives and livelihoods and deliver value to all our stakeholders for generations. We could not have done this without the unstinting support of our partners like Public Bank that have given us the opportunity to realise our dreams and soar even higher,” said Chang.

Tan Sri Tay highlighted that while the property sector is an important contributor to the nation’s gross domestic product, studies showed that the sector drives almost 40% of global carbon emissions, making it central to global climate change mitigation efforts.

“This MOU signing is a step in the right direction as EcoWorld is addressing the sector’s climate impact through the conceptualisation, design and construction of many sustainable projects in the country, including in Klang Valley, Johor and Penang. EcoWorld’s vision of “Creating Tomorrow & Beyond” encapsulates its core value of pursuing sustainability in its business strategies and development projects. In particular, the Group’s flagship projects of Eco Grandeur and Eco Business Park V will transform the Puncak Alam landscape into a sustainable and thriving community,” said Tan Sri Tay.

Chang recorded his appreciation to Public Bank for their faith in EcoWorld when they worked on the site which had been abandoned for close to two decades.

“Today, less than six years since we first acquired the lands in 2016, the entire corridor where Eco Grandeur and Eco Business Park V are situated has become a thriving residential, commercial and industrial hub,” he concluded.