Sarawak premier says EU countries plan to set up bank in the state to fund green investment projects

Malay Mail
Malay Mail

SEOUL, May 22 — Sarawak Premier Tan Sri Abang Johari Openg today said that European Union (EU) countries have indicated their interest to set up an EU bank in Sarawak to provide a source of funding for green investments in the state.

In a statement posted on his office’s Facebook page, he said EU countries had also expressed their desire to collaborate with Sarawak in the renewable energy sector during the recent visit to Kuching by their ambassadors in Malaysia.

“The huge demand for green power in Sarawak is exemplified by the power needs of up to 1.3 gigawatts (GW) for the proposed Sarawak New Energy Hub (SNEH) project in Bintulu,” he said after attending a briefing here by Samsung E & A Corporation executive vice president Park Cheon Hong on the SNEH proposal.

The premier, who ended his two-day visit to Korea, said an estimated US$460 billion (RM2.2 trillion) worth of investments is projected to be injected into SNEH by 2050.

He said the projection will include both government spending and private sector investment and equity participation.

The briefing also covered a review of the H2biscus hydrogen project of which the stakeholders are Samsung E & A, LOTTE Chemical Corporation, Korean National Oil Corporation (KNOC), and Sarawak through SEDC Energy Sdn Bhd, a subsidiary of Sarawak Economic Development Corporation (SEDC).

He said the H2biscus project would be part of the SNEH.

The H2biscus green hydrogen plant will have an annual capacity of 150,000 tonnes and a green ammonia conversion plant with a capacity of 850,000 tonnes.

The premier reiterated that Sarawak would develop its power generation to 10GW by 2030 to meet the accelerated demand, especially for renewable power.

The huge demand for green power in Sarawak was exemplified by the power needs of up to 1.3GW for the SNEH project, he added.