In seeking to minimise energy demand, researchers and policy makers will need to consider different policy levers that can be used to manage energy demand. While pricing mechanisms go some way towards determining energy consumption, their importance arguably diminishes with wealth, leaving open a question of what else can be done especially in middle to high income economies. Defining the determinants of energy demand clearly and managing its components will be a key part in understanding the crucial role behavioural and socio-economic factors play in consumer choices. In recent years, a considerable amount of international attention has turned towards the use of social and behavioural factors, such as the adoption of ‘social nudges’ to manage energy demand. As Singapore continues its transition towards a smart and sustainable nation, there will be more opportunities to further expand the use of such factors and ‘nudges’ to regulate energy market activity, to reduce demand in the residential and industrial sectors.
This roundtable will focus on the demand side management for energy, to better understand the influence of social and behavioural factors in relation to energy demand. It will bring together thought leaders to discuss the opportunities that exist to expand the adoption of social and behavioural factors, analyse some of the inevitable barriers and the necessary steps needed to overcome them. A key part of the discussion will focus on the incremental efforts needed to lock in the changes in energy demand.