Dr Sim: Govt studying proposal to build railway linking Bintulu Port to Nusantara
KUCHING (March 24): The government is studying a proposal to build a railway linking Bintulu Port to the new capital of Indonesia, Nusantara, said Deputy Premier Datuk Amar Dr Sim Kui Hian. He said Bintulu Port’s strategic location in Borneo could facilitate the movement of goods from Sarawak to Indonesia using a shorter travel distance compared to shipping routes. “Can you imagine if the port does not belong to us (the state government) and we want to potentially build a railway line all the way to the new capital of Indonesia?” he said during an event distributing grants to 45 non-governmental organisations (NGO) at Sarawak United Peoples’ Party (SUPP) headquarters here today. Noting that the distance between Bintulu Port and Nusantara is only a few hundred kilometres, Dr Sim said a high-speed rail from China could cover the distance within three hours compared to ships which would take around two days. On Friday, a Memorandum of Understanding (MoU) was signed between federal Transport Minister Anthony Loke and state Deputy Premier Datuk Amar Douglas Uggah Embas to the facilitate the change of status of Bintulu Port from being a federal port to a state port by this year. The MoU signing, which was witnessed by Prime Minister Datuk Seri Anwar Ibrahim and Sarawak Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg, will also see the entire operation of Bintulu Port handed over to the Sarawak government by 2025. On another note, Dr Sim remarked that Sarawak has entered into a phase of nation building and the state government led by Abang Johari has taken the initiatives to take over Bintulu Port, MASwings and acquiring significant stakes in Affin Bank. He said the state government will also be providing free tertiary education at state-owned universities to about 20,000 Sarawakian students a year starting 2026 with a cost of about RM30,000 per year for each student. The deputy premier further highlighted that Sarawak aspires to achieve a gross domestic product (GDP) of RM282 billion in the next six years and the state has been counted as the fifth largest producer of gas in the world. Dr Sim also pointed out Sarawak is fast approaching towards an ageing society with the lowest birthrate in the country.
Singapore leads Asian peers in attracting foreign investments: Report
SINGAPORE – Singapore is the most attractive country in the region for foreign investments, but it falls behind some advanced economies in terms of environmentally friendly and socially inclusive growth, according to a new index. The Milken Institute’s Global Opportunity Index ranked Singapore first among its Asian neighbours in 2023, and 14th among the 130 countries studied globally – up four places from 2022. Hong Kong at 15th and Japan at one spot below were the other two Asian economies in the top 20 globally. Denmark came in first globally, with Sweden dropping to second, followed by Finland in third. The United States moved up one spot to fourth. Dr Maggie Switek, the Milken Institute’s senior director and the report’s lead author, told The Straits Times that Singapore’s climb up the league table was due to relatively strong economic growth. Its high position was also driven mainly by its strength in “business perception”, which measures the ease of doing business and the regulatory framework facilitating contract enforcement and dispute resolution. It also fared well in the “institutional framework” category, which assesses the extent to which a country’s institutions safeguard the rights of investors and the safety of their assets. The country led the way in the subcategories of investor rights and transparency. “It means that overall investment conditions remain strong, which is also reflected in Singapore’s capital inflows. The strength of investor rights coupled with its relatively low business constraints mean that investors should feel comfortable operating in Singapore,” Dr Switek said. Foreign direct investment (FDI) inflows to Singapore reached a record high of US$141.2 billion (S$189 billion) in 2022, up from US$131.1 billion in 2021, noted a United Nations report. This made the country the third-largest FDI recipient worldwide after the US and China. Singapore also accounted for almost two-thirds of flows to Asean countries. “However, the country could do better on its indicators related to environmentally friendly and socially inclusive growth, which are reflected in its relatively low ranking in ‘future environment for growth’,” said Dr Switek. Singapore scored below the average of advanced economies in the “economic fundamentals” category, which captured macroeconomic performance, workforce talent and efforts to create a resilient and sustainable economy and society. This was largely due to its relatively weak performance in the “future environment for growth” sub-category, which includes measures such as air pollution and the proportion of women in government. Dr Switek said Singapore also ranked below some of its regional competitors such as Japan and South Korea in this area. The Milken index is based on 100 indicators classified into five categories – business perception; economic fundamentals; financial services; institutional framework; and international standards and policy. The variables within the five categories measure all angles of a country’s investment potential, including economic openness and performance, business constraints and workforce talent and diversity. Data sources include the World Bank, the International Monetary Fund and the United Nations. Malaysia offered the best investment conditions among emerging and developing Asian economies. It ranked 27th globally, ahead of Thailand at 37th and 39th-placed China, which lost some appeal to investors due to rising geopolitical tensions with the US. The report noted a continued shift in investor sentiment in favour of Latin American countries as capital inflows to China turned negative in 2022 for the first time since 2015. Since then, Latin America has experienced a surge in investment inflows, with Mexico and Brazil jointly accounting for more than 60 per cent of foreign direct investment in the region. However, it noted a strong momentum behind China’s innovation economy that could rival the US and other advanced economies. The mainland surpassed the US in the annual number of scientific publications for the first time in 2019, and since then the gap has widened, it said.
Collaborate with Transport Ministry to encourage use of rivers to transport bulky goods, Lee to SRB
KUCHING (March 16): The Sarawak Rivers Board (SRB) is called to work alongside the state Transport Ministry to encourage the use of rivers for transportation of bulky goods instead of relying on roads, said its minister Dato Sri Lee Kim Shin. “If more heavy cargo can be transported via rivers, there will be less damage on our roads and this will also reduce traffic congestion and accidents,” he said. He said this during a courtesy call paid by newly-appointed SRB chairman Safiee Ahmad at Bangunan Baitulmakmur on Wednesday. Safiee was appointed to the post effective Jan 1 this year. Meanwhile, in a statement by the ministry, the courtesy call was to seek Lee’s advice on the ministry’s present and future plans, as well as the directions set for the board. During the meeting, Lee emphasised the ministry’s vision to develop and modernise Sarawak’s navigable commercial river system as part of the transportation and logistics network. He also requested Safiee work with SRB’s management to improve its organisational structure for more efficient and effective discharging of duties, responsibilities and service delivery. Also present were Deputy Minister of Transport (Riverine and Maritime) Datuk Henry Harry Jinep; the ministry’s permanent secretaries Dato Alice Jawan Empaling and Selamat Jati Yanjah; and ministry administrative officer Teo Swee Ann. Accompanying Safiee was SRB controller Lt Col (Rtd) Ding Tiew Wong.
China’s largest green hydrogen refuelling station is selling H2 at a seventh of the cost of the fuel in California
Sany claims its integrated production and fuelling complex supplies hydrogen at cost parity with diesel The largest integrated green hydrogen production and refuelling complex in China is able to supply hydrogen at 35 yuan per kilo ($4.86/kg), near cost parity with diesel, according to reporting by the Chinese newspaper Hunan Daily. Unlike the vast majority of China’s hydrogen refuelling stations, engineering firm Sany’s filling spot in the city of Changsha, Hunan province, which entered into a testing phase this week, produces its own H2 onsite via alkaline electrolysers, thus avoiding transportation costs. The electrolysers are capable of producing up to 180kg an hour, but the pumps can only dispense two tonnes per day — enough to fill up more than 100 vehicles. By way of comparison, hydrogen fuel is being sold at the pump elsewhere in China for 75 yuan per kilo — which is still cheaper than in other countries. The largest H2 fuel market in the US, California, is currently seeing pump prices of $36/kg — more than seven times higher than the Changsha facility — while in Germany, Europe’s largest market, current per-kg prices are between €12.85 and €15.75 ($14-16.60). If the price of H2 fuel in China drops below 30 yuan per kilogram, such as via future technology upgrades, “hydrogen fuel vehicles are more competitive than diesel vehicles” even without subsidies, said Wang Zhimin, director of Sany Hydrogen Energy Hydrogenation Equipment Institute. While hydrogen is often highlighted as a way to decarbonise heavy, long-haul transport, the switch from existing trucks will depend on logistics firms committing to high upfront costs or renting from emerging pay-to-use schemes such as a programme run by Shell in Germany. However, because diesel is already a relatively expensive fossil fuel, particularly in markets with higher taxes, some green hydrogen investors have suggested that the cost gap is easier to bridge than with cheap natural gas or even grey H2, potentially making it an easier sell for use in road transport than by industrial offtakers. But others have pointed out that most of the pump price at hydrogen refuelling sites is not based on the price of the H2 molecule, but the capex of the filling station as well as extra costs from compression and maintenance. While Sany appears to be leveraging economies of scale, the 37-million-yuan station will not be open to the public but rather supply fuel-cell trucks used in company operations — which could limit its utilisation rate. Similarly, although the engineering firm uses solar panels to power the electrolysers, it is unclear whether the complex has another source of renewable electricity or uses grid power for production during night.
Sumitomo eyes enhanced participation in S’wak’s green projects
SINGAPORE: Sumitomo Corporation (Sumitomo) has expressed its interest to have greater involvement in Sarawak’s green projects. Among the projects are biomass bamboo, renewal energy, carbon capture, utilisation and storage (CCUS), green metals, chemical and derivates. Deputy Premier Datuk Amar Awang Tengah Ali Hasan welcomes Sumitomo to explore and invest in the bamboo plantation project. He also invited Sumitomo to look into the new economic sectors including the green and digital economy. Earlier today, Awang Tengah, who is also Minister of International Trade, Industry and Investment, met with Sumitomo Corporation Asia and Oceania Group chief executive officer (CEO) Keigo Shiomi to discuss more collaboration opportunities. Sumitomo has several collaborations in Sarawak and is currently developing a hydrogen related production project in Bintulu. Meanwhile, also in attendance during the meeting were Sarawak Timber Industry Development Corporation (STIDC) general manager Zainal Abidin Abdullah, STIDC advisor Datuk Hashim Bojet, InvestSarawak CEO Timothy Ong, and PUSAKA Capital Sdn Bhd CEO Mohamad Nor Topek Julaihi.
Sarawak welcomes Singaporean investors
KUCHING: The Sarawak government has consulted with several Singaporean investors to explore investment opportunities especially in renewable energy, green energy and digital economy projects in the state. Deputy Premier, Datuk Amar Awang Tengah Ali Hasan who was in Singapore yesterday engaged with representatives from UOB Group, Eastspring Investments, TWO Family Office and Chemsains Konsultant Sdn Bhd. Awang Tengah welcomes the interest from these companies and expressed his appreciation towards their interests in Sarawak, in line with the Post Covid-19 Development Strategy 2030 (PCDS 2030) for the state to be a thriving society driven by data and innovation. During his visit there, he also met with Kuok Meng Wei who is representing Kuok Group, one of Singapore’s largest conglomerates to discuss potentials in green and renewable energy investment projects in Sarawak. For the record, Kuok is also the chief executive officer (CEO) and managing director of K2 Strategic, an international developer, owner and operator of hyper-scale digital infrastructure assets in the technology sector. Also in attendance were Sarawak Timber Industry Development Corporation (STIDC) general manager, Zainal Abidin Abdullah, STIDC’s advisor, Datuk Hashim Bojet, Invest Sarawak chief executive officer, Timothy Ong and PUSAKA Capital Sdn Bhd chief operating officer, Mohamad Nor Topek Julaihi.
The Netherlands announces subsidies for €998,330,000 for production of renewable hydrogen with a electrolysers
The Netherlands announces subsidies for €998,330,000 for production of renewable hydrogen with a electrolysers. Do you want to produce renewable hydrogen with an electrolyser? And do you have plans for this? Then you will soon be able to apply for a subsidy via the OWE scheme again. To help you prepare your application, we provide you with an overview of the changes compared to the OWE in 2023. What’s different in 2024? Requirements for the installation 🔥 What about we co-host a webinar? Let’s educate, captivate, and convert the hydrogen economy! Hydrogen Central is the global go-to online magazine for the hydrogen economy, we can help you host impactful webinars that become a global reference on your topic and are an evergreen source of leads. Click here to request more details Ranking of your application Your maximum subsidy amount Feasibility of your project New mandatory appendix: supply of renewable electricity purchase Realizing your installation
China’s emissions, efficiency targets under threat after falling short in 2023
Bloc commits to mobilize $10.8bn for ASEAN sustainable projects SINGAPORE, March 12 (Reuters) – China is falling short on key targets for tackling climate-warming emissions, and analysts said Beijing’s credibility in global climate talks could be at risk unless it redoubles its efforts to get back on track. The Chinese government has rarely missed targets in the past. But now, driven primarily by energy security concerns, it has shown little political will to address the emissions gap, analysts said. China’s National Development and Reform Commission (NDRC), a planning agency, promised last week to “redouble efforts in energy conservation and carbon reduction” this year after it “fell short of expectations” in 2023. Analysts say it is well behind on its goal to slash energy intensity by 13.5% and carbon intensity by 18% between 2021 and 2025. The intensity rates – measuring how much energy is consumed and how much carbon dioxide emitted per unit of economic growth – are a key part of the country’s pledge to bring emissions to a peak before 2030 and to net zero by 2060. Keeping its targets within reach would require “concerted efforts across all sectors to bridge the gap”, said Jom Madan, senior research analyst with the consultancy Wood Mackenzie. But the planning commission set targets for 2024 that fall far short of what is needed. For energy intensity, the commission mandated only a 2.5% reduction. It set no new target for carbon intensity, and made no new moves to curb the use of coal – the most polluting fossil fuel. Madan predicted that China might “come close … but not quite achieve its targets” on energy efficiency. If the country misses its 2025 targets, it could raise doubts worldwide about its ability to rein in emissions. The country also risks a “serious loss of diplomatic credibility,” said lead analyst Lauri Myllyvirta of the Centre for Research on Energy and Clean Air. “China has long emphasised its ability to implement the country’s commitments, while criticising others for setting lofty targets,” he said. The NDRC did not respond to a request for comment. As the world’s biggest carbon polluter and second-largest economy, China has faced growing international pressure to show more climate ambition. It has resisted, arguing that it is already doing more than most fast-developing countries. China’s rising emissions account for 35% of the world’s annual total. On a per capita basis, the emissions level is 15% higher per capita than the OECD average, the International Energy Agency said last week. To meet its goals, Beijing should focus on efficiency improvements in industry and construction, and offer more financial support for companies to replace or retrofit outdated facilities, Madan said. Expanding the carbon market would also help, he added. NEW REALITY Officially, China’s energy intensity fell 0.5% in 2023, the country’s statistics bureau said last month, missing a 2% target. The gap would have been worse, but China last month removed non-fossil fuels such as nuclear and renewable energy from the equation to focus on tackling fossil fuels. China is applying this definition retroactively, Myllyvirta said. Without the change, the energy intensity calculation would have shown an increase of 0.5%. Myllyvirta estimated that China would need to cut energy intensity by 6% in 2024 and 2025 to meet the 2021-2025 target – far higher than the 2.5% goal set this week. Energy intensity might matter less in the future, however, said Ma Jun, director of the Beijing-based Institute of Public and Environmental Affairs. The change in how it is calculated “reflects a new reality” for China, in which economic growth is increasingly driven by the renewables sector, and fossil-fuel dependent industries will come under more pressure to boost efficiency, Ma said. “That means carbon intensity is going to matter more,” he said. Although China set no new targets for carbon intensity, the country’s economic growth implies the measure will fall about 3% this year, analysts said. However, after dropping 4.6% from 2020 to 2023, carbon intensity would need to drop about 7% this year and next to reach the 2025 goal, Myllyvirta said. Missing climate targets is unusual for China, which has made job promotions contingent on environmental progress to encourage workers and agencies to meet goals. In 2022, China’s corruption watchdog warned that some regions were providing fraudulent energy and carbon intensity figures that were overly positive. Pressure to comply with intensity targets also caused economic disruptions in 2010, with provinces cutting power supplies to energy-intensive industries and forcing homes to ration electricity. Without a major boost to its climate efforts now, “meeting the five-year intensity targets by 2025 will be very challenging,” said Li Shuo, director of the China Climate Hub at the Asia Society Policy Institute in Washington. “This year’s government work report certainly did not signal that level of decisiveness,” Shou said.
Abang Rahmat Yusuf is CEO of Sarawak Sovereign Wealth Future Fund
KUCHING: The Board of Guardians of the Sarawak Sovereign Wealth Future Fund has appointed Abang Rahmat Yusuf as the Chief Executive Officer (CEO), effective January 29 this year. The announcement was made after the Board meeting yesterday, according to a press statement. Abang Rahmat, 48, was formerly the head of Investment Banking (Malaysia) at CLSA Securities from 2019 to 2024. During his tenure there, he led the fund raising exercises including initial public offerings (IPOs) and placements for institutional and corporate clients. In the beginning of his corporate career, he was a director in the Investments arm at Khazanah Nasional in 2004 until 2019, during which he established and headed the Khazanah Turkey Regional Office in Istanbul covering Turkey, Middle East and North Africa (MENA) and Sub-Saharan Africa. He was also the Overseeing Director for Financial Institutions Group (FIG), which represented 20 per cent of Khazanah’s portfolio. He holds a Master in Public Administration from Harvard University.
Germany launches green subsidies for industry
Bloc commits to mobilize $10.8bn for ASEAN sustainable projects BERLIN, March 12 (Reuters) – Germany on Tuesday launched a bidding process for subsidies to support energy-intensive firms switching to green production in a 4 billion euros ($4.37 billion) funding round, the economy ministry said on Tuesday. As part of Germany’s ambitions to become climate-neutral by 2045, Berlin plans to award companies in sectors such as steel, glass, paper and chemicals 15-year subsidies in return for reducing carbon emissions in production. The European Commission has approved the instrument where companies will be selected through a bidding process while competing over cutting emissions at the lowest cost. Through the so-called climate protection contracts, companies will be compensated for the extra costs of green production in industries where climate-friendly production processes cannot currently operate competitively. “Today is a good day for Germany as an industrial location, for climate protection and for sustainable jobs in our country,” said Economy Minister Robert Habeck. Berlin had originally planned to offer subsidies up to a mid double-digit billion euro sum, but the programme was put at risk by last year’s constitutional court ruling stopping the government from using some 60 billion euros of debt for climate protection projects. ($1 = 0.9148 euros)
