Given the widely acclaimed success of Norway’s sovereign wealth fund that had been managed with the highest standard of governance since its inception in 1996, it is a standard Sarawak needed to benchmark on, he said.

In a statement issued from Oslo, where he is visiting as part of a week-long working tour of Europe, Abang Johari drew several parallels between Sarawak and Norway.

He said Norway and Sarawak were both large and sparsely populated and blessed with considerable natural resources, particularly oil and gas and hydropower.

“We also share a common desire to move towards sustainable development, preserving the world for future generations,” he said.

He acknowledged that Norway was leading Europe in energy transition with virtually all its electricity being generated by renewable sources and had one of the world’s highest proportions of electric vehicles, and said Sarawak aimed to become Malaysia’s leader in energy transition, moving away from dependence on fossil fuels.

Abang Johari said Sarawak recently experienced a significant increase in revenue from oil and gas, which was expected to last up to one generation or about 25 years.

“I believe that, aligned to our desire to develop a multi-generational sustainability strategy for Sarawak, we should not consume all the increased revenues now, but rather put some aside for the benefit of future generations in the form of a sovereign fund,” he said.

He said the government had studied similar funds around the world and found that Norway’s remained the largest, with renowned good governance practices and clear policies in fund management.

On Monday, he delivered a keynote address at the World Hydrogen 2022 Summit and Exhibition in Rotterdam in the Netherlands.