Countries around the world are stepping up efforts to reduce carbon emissions. However, the global energy transition must be carefully calibrated to ensure energy security and resilience. Lionel Choo reports.
The power sector accounts for around one-quarter of global emissions. Transitioning from carbon-intensive fossil fuels to renewable energy will be important. However, the process is complex, challenging and will need to be managed carefully.
This is evident from the current global energy crunch, where renewable developments have not kept pace with increasing energy demand—and the increased demand for gas caused electricity prices to spiral upwards.
During the launch of the Singapore International Energy Week (SIEW) 2021 on 25 October, Minister for Trade and Industry, Gan Kim Yong, outlined the key paths for Singapore’s transition towards a more sustainable future. He emphasised the need to significantly reduce the power sector’s emissions, while ensuring that Singapore’s energy system remains secure, reliable and sustainable.
Singapore’s approach to decarbonising the energy sector
In his Singapore Energy Lecture address, Minister Gan shared how the country faces unique challenges in its energy transition journey, due to limited renewable energy resources and land constraints. As such, Singapore will need to leverage different solutions to reduce the energy sector’s carbon footprint—starting with measures to enhance the energy efficiency of its existing power generation plants and maximise solar deployment.
Mr Gan also announced that Singapore plans to import up to 4 gigawatts (GW) of low carbon electricity by 2035, as part of its decarbonisation efforts and to enhance energy security by diversifying energy supply sources. This is expected to make up around 30% of Singapore’s electricity supply in 2035.
Singapore will also invest in low carbon energy solutions, having awarded S$55 million to 12 low carbon energy research projects, and will work with industry partners to explore trialling hydrogen-related processes.
Building a more sustainable and resilient energy system
In his SIEW Opening Keynote Address, Republic of Indonesia’s Energy and Mineral Resources Minister, H.E. Arifin Tasrif, expressed Indonesia's commitment to working with its ASEAN neighbours. This is to meet a target of 23% share of renewable energy in the primary energy supply and 35% in installed capacity in the region by 2025.
He shared that Indonesia aims to develop a super grid to electrify and supply renewable energy to its islands. The country will also collaborate with regional countries to strengthen interconnections toward the development of an ASEAN power grid. This will help support regional countries in meeting their decarbonisation objectives through the export and import of clean renewable energy.
Industry leaders also participated in today's SIEW Opening Keynote Address and Singapore Energy Summit. Companies such as oil major ExxonMobil said it has ramped up efforts to reduce carbon emissions and launched a new low carbon solutions business this year.
Joe Blommaert, President, Low Carbon Solutions for ExxonMobil, shared his views on how the energy sector is ramping up efforts to reduce carbon emissions. He cited the development of a CO2 hub in Houston, Texas, in the U.S., and shared that ExxonMobil is exploring a similar concept in Asia. Here, CO2 from industrial facilities could be connected and stored underground in regional sites.
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