Singapore-IRENA High-Level Forum 

Investing in an Inclusive and Just Clean Energy

The Singapore-IRENA High Level Forum will focus on Investing in an Inclusive and Just Energy Transition. The forum brings together international energy leaders to discuss and exchange views on mobilising investments to support and shape an inclusive energy transition.

Holding the line at 1.5°C means reaching net zero by 2050 and ensuring a rapid decline in emissions beginning now. The International Renewable Energy Agency (IRENA)’s World Energy Transitions Outlook provides the contours of a just and inclusive energy transition pathway and a concise set of actions fully aligned with the findings of the Intergovernmental Panel on Climate Change (IPCC). The IRENA 1.5°C Scenario (1.5-S) describes an energy transition pathway aligned with the 1.5°C climate ambition and limiting global average temperature increase by the end of the present century to 1.5°C. It prioritises readily available technology solutions including all sources of renewable energy, electrification measures and energy efficiency, which can be scaled up at the necessary pace for the 1.5°C goal.

Against this backdrop, Singapore and IRENA will co-host the High-Level Forum at SIEW, with the theme “Investing in an Inclusive and Just Clean Energy Transition”. The Forum provides a platform for Ministers, CEOs and thought leaders to explore and discuss the need to finance renewable and clean energy projects in order to facilitate the energy transition. The forum will focus on these key areas:

• Mobilising Investment to Support the Energy Transition
• Shaping an Inclusive and Just Energy Transition
• The Role of Technology in Driving the Energy Transition

Welcome Remarks & Opening Remarks

14:30 – 14:45 hrs

Speakers

Session 1: Mobilising Investment to Support Energy Transition

Presented by:

14:45 – 15:45 hrs

Keynote

Panel Discussion

To ensure a sustainable, climate-safe and resilient future, significant investments need to flow into an energy system that prioritizes renewables, electrification, energy efficiency and associated infrastructures. At the same time, those investments must not lead to lock-in effects that are not compatible with the 1.5°C Scenario. The 1.5°C Scenario shows that cumulative investments of over USD 24 trillion should be redirected from fossil fuels to energy transition technologies over the period to 2050. In annual terms, an over two-fold rise in energy sector investments to USD 4.4 trillion per year until 2050 would be needed compared to USD 1.8 trillion invested in 2019 or nearly 5% of global estimated gross domestic product today.

This session will deliberate on some of these critical issues:

• What are some innovative policies, regulatory frameworks and best practices to incentivise markets, and re-direct resources to accelerate the green energy transition?
• How do we promote private-public collaborations on accelerating renewable energy investments and financing the clean energy transition?

Speakers

Session 2: Shaping an Inclusive and Just Energy Transition

Presented by:

15:45 – 16:30 hrs

Keynote

Panel Discussion

The energy transition cannot be considered in isolation, separate from the socio-economic context in which it is deployed. Investing in energy transition technologies creates up to three times more jobs than do fossil fuels, for each million dollars of spending. Social and economic policy, based on collaboration and co-operation, can address the fairness and justice dimensions, both within and between countries.

This session will deliberate on some of these critical issues:

• What are the critical socio-economic drivers for the global energy transition?
• What are the key socio-economic indicators (e.g. green jobs and livelihoods, income inequality, access & affordability to clean electricity, geographical factors) that policymakers should incorporate into assessing the energy transition?
• What are the ways in which we can sustain and enhance the resiliency of the energy transition?

Session 3: The Role of Technology in Driving the Energy Transition

16:30 – 17:15 hrs

Keynote

Beyond the mobilisation of financial investments, technology serves as an important vehicle towards our low carbon energy future. From battery storage, smart grid, to carbon capture, technologies like these have seen significant advancement of the last decade. Going forward, it is crucial that we examine the ways and means in which we can further accelerate the development and deployment of technology to enhance the role of renewables, better manage energy demand, and further decarbonise the energy sector.

In this regard, this session would thus seek to deliberate on some of critical issues such as:

• What are some of the measures that we can utilise to spur greater innovation in the field of clean energy technology?
• How can we further leverage on the trend of digitalisation (i.e. Internet of Things, AI) to create a “smarter” energy system, one that is more secure, efficient and reliable.
• How can technology play a part in ensuring a fair and just energy transition for all?

Speakers

17:15 – 17:30 hrs