Welcome Remarks by Mr Richard Lim, Chairman, EMA at the SIEW Energy Insights

27 Oct 2021

Excellencies,

Distinguished Guests,

Ladies and Gentlemen,

1. Good morning and a very warm welcome from Singapore. Thank you for joining us at the SIEW Energy Insights today.

2. The SIEW Energy Insights is a popular segment that allows energy experts to share their insights on key energy topics. This year promises no different, with in-depth discussions on various energy solutions such as peer-to-peer energy trading, electric vehicles charging and energy storage.

3. The global energy landscape is going through major shifts today. There is an urgency to strengthen our initiatives to address the challenges of climate change. The International Energy Agency (IEA) estimates that global energy-related carbon emissions are expected to rebound and grow by 4.8% in 2021 . On the other hand, recent volatility in global energy markets is a stark reminder that much needs to be done to ensure the continued security, affordability and reliability of energy supply even as countries advance their low-carbon energy transition initiatives.

Singapore Energy Transition and the Role of Innovation

4. Singapore is playing its part in the global climate action. This week, we unveiled the Singapore Energy Transition initiative for the power sector. We will optimise the Four Switches: first, enhancing the energy efficiency of our natural gas power plants; second, scaling up solar energy deployment; third, tapping into regional power grids; and fourth, exploring low-carbon alternatives such as hydrogen and carbon capture, utilisation and storage. At the same time, we will improve energy efficiency across all sectors and manage energy demand growth.

5. Today’s discussions at the SIEW Energy Insights will focus on technology and innovation, which will form the backbone of the Singapore Energy Transition.

6. Singapore will continue to be nimble in our efforts to decarbonise and push the frontiers of innovation. For example, in order to quadruple solar deployment to 2 gigawatt-peak by 2030 in land-scarce Singapore, we have leveraged innovations that have allowed us to deploy floating PV systems, building-applied PV, and even siting a solar farm on an offshore operational landfill. This has made Singapore one of the most solar-dense cities in the world. We are exploring other innovations, such as decentralized energy resources, virtual power plants and digital technologies to enhance grid resilience and reliability, which will have key roles in enabling a future power system that is more decentralised, decarbonised and digital.

Green Growth

7. Amidst the push to address climate change, there is increasing global momentum to use sustainability as a new engine of growth – some refer to it as ‘green growth’. We envisage that green growth will play a significant role in Singapore’s continued economic growth going forward. To enable this, the Singapore Government will continue to support the start-up and innovation ecosystems in sustainability-related sectors. This week, we announced several new initiatives on this front. First, the Energy Market Authority and JTC Corporation launched the Jurong Island Renewable Energy Request for Proposal, where both agencies will commit a total of S$6 million to fund an open call for innovators to accelerate promising clean energy technologies for implementation on Jurong Island.

8. Second, the government is working together with stakeholders to nurture our local energy enterprises. EMA and Envision Digital signed a Memorandum of Agreement to collaborate on programmes to grow local enterprises in the areas of renewable energy, urban energy efficiency and low carbon solutions. These capabilities will help to advance the Singapore Energy Transition, as well as allow our enterprises to seize green economic opportunities.

9. Singapore’s innovation efforts will not only advance low-carbon energy transitions at home but to also contribute towards regional and global efforts. As an innovation hub, we encourage companies to leverage Singapore as a launchpad to Southeast Asia, the wider Asia, and globally. We welcome pilot projects and collaborations on green solutions that can play a part in Singapore’s energy transition plan. For example, there are robust industry collaborations to support the development of hydrogen supply chains and hydrogen imports into Singapore, such as the Memorandum of Understanding (MOU) between Sembcorp, Chiyoda and Mitsubishi, and the MOU between Keppel Data Centres, Kawasaki, Linde, Mitsui O.S.K. Lines and Vopak LNG. These initiatives allow the industry to testbed innovative energy solutions before scaling up to the whole region.

SIEW Energy Insights

10. We have an exciting line-up of speakers in today’s programme. I would like to thank The Honourable Bill Johnston MLA, Minister for Mines and Petroleum, Energy and Corrective Services, Western Australia for joining us today in delivering a keynote address. This will be followed by presentations from Shell StartUp Engine, Senoko Energy, A*STAR, Singapore Battery Consortium, SP Group and the Institute of High Performance Computing. We look forward to their discussions on innovative pilot projects and business models to advance the energy transition.

11. Last but not least, I would like to express my appreciation to our sponsors, A*STAR, Singapore Battery Consortium, Senoko Energy and Shell for their strong support for SIEW.

12. I am looking forward to the fruitful and engaging discussions that will take place.

13. Thank you.

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