(Picture credit: EMA)
Singapore can become an Asia-Pacific carbon hub as the city-state is a preferred base for carbon activities, with good strategic connectivity to carbon markets and access to excellent financial services, trading, trusted professional services and strong technologies.
This was shared at the Carbon Forum Asia conference where Mr Goh Chee Kiong, Director of Cleantech, a division of the Economic Development Board, said that key ingredients to supporting industry growth in Singapore are technology, markets, capital and talent.
The Singapore government provides strong support for research in clean energy industry, water R&D, green buildings and the National Innovation Challenge on Energy Resilience with a total funding of S$700 million announced so far in 2011.
Other services provided in Singapore's carbon industry ecosystem are project financing, project developing, clean development mechanism (CDM) advisory services, carbon trading, carbon management, verification and professional services. This makes the city-state an ideal base for carbon companies in Asia Pacific, carbon talent, and for developing capabilities in project development, financing and reducing emissions from deforestation and forest degradation plus conservation (REDD+).
Mr Tsoi Mun Heng, Director for National Research Foundation (NRF) on "Energy Resilience for Sustainable Growth", said the country lacks natural resources. He pointed out that energy is fully imported from foreign countries, while water is 40 percent imported and 60 percent "manufactured".
With that in mind, NRF has been leveraging on research, development and demonstration (RD&D) to solve complex national challenges. The Energy Innovation Challenge Directorate (EICD) was also established in February 2011 to catalyse significant changes in Singapore's energy landscape in a Whole-of-Government effort to meet the National Innovation Challenge of Energy Resilience for Sustainable Growth (Energy NIC).
The Energy NIC will develop cost-competitive energy solutions for deployment within 20 years to help Singapore improve energy efficiency, reduce carbon emissions and increase energy options. The Energy NIC will also coordinate the efforts of various ministries and agencies in Singapore to help identify the potential of various technologies in addressing the country's energy and climate challenges, and to chart out potential pathways to realise technological solutions in the city-state.
Meanwhile, Mr Kes Shotam, Senior Managing Director, Climate Resources Exchange Pte (CRX), shared that various agencies in Singapore are working towards greening the country with energy efficiency a primary focus. There are incentive schemes for carrying out energy audits and retrofits in chiller plants in commercial buildings. For residential buildings in the public housing sector, existing lighting has been replaced with energy-efficient ones, while PV solar energy systems have been installed to replace energy from the grid to provide supply to common areas.
The founders of CRX have been strong proponents behind Asia setting up its own ETS, headquartered in Singapore, which could link with the rest of the world community.
BY : Edward Cho, EMA staff