VII. ISSUES AND PROBLEMS: SOME POLICY RECOMMENDATIONS
E. Increasing public and private sector investment
Given the limited financial resources available to City Hall of Kuala Lumpur for addressing the various environmental issues, there is a crucial need to mobilize private sector investment, together with more sustainable pricing policies and public sector investment, in line with environmental priorities. The most financially viable environmentally-related investments are those that are good for economic development while also safeguarding the environment, such as energy conservation and recycling activities. Private sector involvement is essential to advancing the key elements of an environmental strategy. A one-sided "punitive" regulatory approach will be less effective than one in which industry is actively consulted on standards and is engaged in self-monitoring. A favourable business environment will also help facilitate the mobilization of required capital, technologies and service industries.