CREATE INCENTIVES FOR BUSINESSES TO EXPLORE CLEAN ENERGY SECTOR, URGES OBAMA

CREATE INCENTIVES FOR BUSINESSES TO EXPLORE CLEAN ENERGY SECTOR, URGES OBAMA

KUALA LUMPUR — The US mulls over an idea that countries create special incentives to encourage more businesses to explore opportunities in the clean energy sector on the back of rising concerns over extreme climate change globally.

President Barack Obama said the time has come for both government and businesses to think about future opportunities in the clean energy sector, which is seen as critical in tackling climate change.

“What we want to see is for each country to create incentives for businesses, whether tax break or investment in research so that businesses can work alongside community to solve the problem (climate change),” he said at the townhall session with alumni of Young Southeast Asian Leaders Initiatives at the Taylor’s University Lakeside campus here.

Obama was responding to a question on how businesses could tap new opportunities, while facing challenges like climate change and US’ hopes at the upcoming United Nations Climate Conference in Paris end of this month.

He pointed out that countries should not take climate change issue lightly, while focusing solely in development as this would be a critical issue in the future.

“Businesses are going to be critical in dealing with climate change because sometimes, especially in poor countries, people think that we do not have to worry about climate change because first, we have to develop and then create businesses, become wealthier and then we can think later about environment.

“(But) what we want to persuade businesses is that, you have to start now and business opportunities will come later. You can make money in clean energy instead of using dirty energy,” he said.

Obama, who arrived here Saturday fresh from the APEC Summit in the Philippines, will be in town for three days to attend the 27th ASEAN Summit and Related Summits.

“In Paris, our hope is to get every country to agree that they will set target to reduce carbon emission. Although the target won’t be the same for every country, everybody has to do something,” he added.

The climate conference, who will be attended by 185 countries, will take place from Nov 30 to Dec 11 in Paris. PNA/Bernama