Singapore is setting up a substantial $5 billion Singapore dollars ($3.7 billion) fund dedicated to investments in clean energy technology and infrastructure, as part of its ambitious goal to achieve net-zero emissions by 2050.
Deputy Prime Minister Lawrence Wong shared with parliament on Friday that the newly established Future Energy Fund will significantly enhance Singapore's capability to swiftly advance in critical infrastructure and bolster its clean energy security.
The city-state's limited space has been a significant barrier to transitioning towards renewable energy sources like solar and wind power.
Currently, a staggering 95% of Singapore's electricity is generated using natural gas.
Given that the energy sector accounts for 40% of the total emissions, the government is keen on importing low-carbon electricity from neighboring countries, which will necessitate investments in the development of submarine cables and transport network infrastructure.
Furthermore, the government is exploring the production, storage, and transportation of hydrogen.
Wong emphasized the enormity of the transition process, stating, "The magnitude of what we call the transition is huge, and we need to achieve it within the next two decades or so... This isn't a lot of time, especially considering the scale of the task at hand."
This initiative marks a significant step for Singapore in its journey towards sustainable and clean energy, reflecting its commitment to environmental stewardship and innovation in tackling climate change challenges.
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