From adopting an inclusive approach to managing emissions to the role of technology in accelerating the energy transition, here are the key takeaways from the Singapore Energy Summit on 26 October.
Adopting a circular carbon economy approach to manage emissions
In a special “In Conversation” session, His Royal Highness Prince Abdulaziz bin Salman Al Saud, Minister of Energy, Kingdom of Saudi Arabia, highlighted the importance of the Circular Carbon Economy (CCE) model to mitigate climate change. He added that the CCE model provides an integrated and inclusive approach to managing emissions.
Noting that emission reduction should be the chief focus, he went on to illustrate how the value of carbon can be unlocked if sequestered and utilised in a sustainable manner. The key is to demonstrate how competing energy sources can co-exist and be put to good use with minimal impact on the environment.
Clean energy shift continues to gain momentum in ASEAN
During the Summit, energy ministers from across the ASEAN region discussed the shift towards a cleaner energy mix taking shape in their respective countries.
H.E. Arifin Tasrif, Minister of Energy and Mineral Resources of Indonesia, highlighted their new hydro power plant combination with floating solar PV. H.E. U Win Khaing, Minister of Electricity and Energy of Myanmar, shared the country’s plans to generate more solar energy in the country to fulfil up to 40% of their energy needs.
H.E. YB Dato Seri Setia Dr Awang Haji Mat Suny bin Haji Md Hussein, Minister of Energy, Brunei Darussalam, noted that governments must take a leading role in directing energy investment towards sustainability.
In his address, Dr Tan See Leng, Second Minister for Trade and Industry & Manpower of Singapore, also highlighted the need for governments to work more closely with the industry, private sector, and academic institutions to accelerate a clean energy transition.
Regional integration key for a more resilient energy system
In her keynote address, H.E. Ms Armida Salsiah Alisjahbana, Under-Secretary-General of the United Nations and Executive Secretary of ESCAP, highlighted the need to focus on low carbon solutions and policies to enable a more resilient energy system.
She added that regional grids and interconnectivity across borders can facilitate an increase in the share of renewables in a country’s energy mix in a sustainable and resilient manner.
Renewables opening up opportunities for growth and recovery
In an in-depth interview session with Francesco La Camera, Director-General of International Renewable Energy Agency (IRENA), he addressed how economic recovery efforts can be reconciled with the low carbon economy transition.
Pointing out indicators such as the decreasing costs of renewable energy and the creation of quality jobs with energy transformation, he reiterated the value of building a future energy system for decades to come: “We have to go for a direction that brings us to a low carbon future because if we are going differently, what we are going to have is losing money on the standard asset of the future.”
Technologies the driving force for low carbon energy transition
In a panel discussion on low carbon innovations, Joseph McMonigle, Secretary General of International Energy Forum (IEF) called out a recent finding that “half of the technologies that we need to meet our climate goals are not even invented yet”. His insight outlined the critical need for technological innovation in our transition to a low carbon energy future.
Keisuke Sadamori, Director of Energy Markets and Security of the International Energy Agency (IEA), also shared his view that the future energy transition will be driven by the evolution and maturation of currently pre-commercial technologies.
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