Highlights from the Singapore Energy Lecture and SIEW Summit Opening Address

The Singapore International Energy Week (SIEW) 2022 opened today with Deputy Prime Minister and Minister for Finance Lawrence Wong's Singapore Energy Lecture. This set the tone for the week's discussions on the theme, "A Resilient and Sustainable Energy Future".

Minister for Trade & Industry Gan Kim Yong also delivered the SIEW Summit Opening Address by sharing plans to facilitate Singapore's energy transition. Here are the highlights.

In the Singapore Energy Lecture, DPM Wong announced an ambitious climate target for Singapore in 2030. This reaffirms the city-state's commitment to achieve net zero emissions by 2050, as part of the Singapore Green Plan.

Singapore will enhance its 2030 Nationally Determined Contribution, committing to reduce emissions to around 60 million tonnes of carbon dioxide equivalent (MtCO2e) in 2030 after peaking emissions earlier. This is down from 65 MtCO2e previously. #SIEW2022 #SingaporeEnergyLecture

— SingaporeInternationalEnergyWeek (@SIEW_sg) October 25, 2022

He also announced the launch of a National Hydrogen Strategy to accelerate Singapore’s energy transition. By 2050, hydrogen could supply up to 50% of Singapore’s power needs. The Government will also be investing an additional S$129 million to advance R&D in hydrogen technologies.

Deputy Prime Minister Lawrence Wong highlights #hydrogen's potential to supply up to half of our power needs by 2050 if technology continues to advance. #SIEW2022 @LawrenceWongST #SingaporeEnergyLecture

— SingaporeInternationalEnergyWeek (@SIEW_sg) October 25, 2022

In Phase 2 of the LCER programme, $129 million will be set aside for Singapore to research importing, handling and utilising #lowcarbon #hydrogen safely and at scale. #SIEW2022 #SingaporeEnergyLecture

— SingaporeInternationalEnergyWeek (@SIEW_sg) October 25, 2022

The Singapore Government will also be developing Jurong Lake District into a world-class sustainable district, with new developments there helping the country to achieve net zero emissions by around 2045.

Singapore also plans to achieve net zero emissions across the public sector by 2045.

DPM Wong also spoke about the three D's of data, disclosures and definitions. These will form the building blocks in which to scale up green finance for Singapore.

The 3Ds of #greenfinancing - better data, green disclosures and clearer definitions will be key to securing financing in this region. #SIEW2022 #SingaporeEnergyLecture

— SingaporeInternationalEnergyWeek (@SIEW_sg) October 25, 2022

Jurong Lake District will be designed to be car-lite and support #greenmobility options, such as cycling and green buses. #SIEW2022 #SingaporeEnergyLecture

— SingaporeInternationalEnergyWeek (@SIEW_sg) October 25, 2022

SG commits to achieving #netzero emissions across the public sector by 2045. Govt agencies will increase carbon efficiency of buildings with the aim to power them via cleaner energy, as part of efforts to reimagine SG's built environment. #SIEW2022 #SingaporeEnergyLecture

— SingaporeInternationalEnergyWeek (@SIEW_sg) October 25, 2022

Minister Gan Kim Yong for Trade and Industry, in the SIEW Summit Opening Address, broadly outlined plans in three key areas to strengthen Singapore's energy market structure to facilitate its energy transition.

Energy market structure must be strengthened in three key areas, says Minister Gan Kim Yong of @MTI_sg:

1. Power Generation Capacity
2. Gas Supply
3. Retail Markets#SIEW2022

— SingaporeInternationalEnergyWeek (@SIEW_sg) October 25, 2022

This will include bolstering Singapore’s power generation capacity to secure the country's energy supply. Minister Gan shared that this will be carried out through a centralised approach to facilitate private investments in new generation.

This will be achieved through a competitive tender, as and when needed, for capacity required within the next 5 years, says Minister Gan Kim Yong of @MTI_sg, and no new plantings will be allowed outside of this process. #SIEW2022

— SingaporeInternationalEnergyWeek (@SIEW_sg) October 25, 2022

Having an adequate gas supply would also enhance Singapore's natural gas supply resilience, said Minister Gan. This will involve the country's energy authority working with industry on longer-term, more secure contracts.

Hence, Minister Gan Kim Yong of @MTI_sg says, @EMA_sg will make measures, like requiring gencos to maintain sufficient fuel for #power generation and establishing a standby fuel facility, permanent features of the energy market structure. #SIEW2022

— SingaporeInternationalEnergyWeek (@SIEW_sg) October 25, 2022

For the third guardrail, Minister Gan discussed broad measures to strengthen Singapore’s retail electricity market.

Going forward, @EMA_sg will enhance regulatory requirements on #electricity retailers to strengthen consumer protection and ensure they are resilient and well prepared against market volatilities, says Minister Gan Kim Yong of @MTI_sg. #SIEW2022

— SingaporeInternationalEnergyWeek (@SIEW_sg) October 25, 2022

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