Opening Remarks by Mr Ngiam Shih Chun, Chief Executive, EMA, for the Singapore International Energy Week (SIEW) 2022 Global Launch

18 May 2022

Distinguished Guests,
Ladies and Gentlemen,

A very good afternoon to all of you. It gives me great pleasure to welcome you to the Global Launch of the 15th Singapore International Energy Week, or SIEW. I am delighted to see so many friends and partners joining us in the audience today and also virtually.

2. Last year, SIEW was held in a hybrid format. More than 4000 delegates attended in person and over 20,000 joined us online. This year, we look forward to welcoming you in person at SIEW as we celebrate our 15th anniversary.

SIEW Theme

3. Post COP26, there is strong momentum from countries to enhance their commitment to do more to decarbonise their economies. Having raised our climate ambition earlier this year to reach net zero by or around mid-century, Singapore is fully committed to doing our part to address the effects of climate change. We will also tap on the many growth opportunities that the energy transition would entail.

4. Singapore will continue to push the envelope in exploring new and innovative ways to reduce our power sector’s carbon footprint. EMA commissioned and released the Energy 2050 Committee report recently which affirms the net-zero feasibility for Singapore’s power sector by 2050.

5. This will however be a challenging journey due to uncertainties such as geopolitical trends and technological advancements. With the ongoing energy crisis and the ensuing volatility of the global energy market, there is a pressing need to strengthen our move to a low carbon energy system. This is to ensure a resilient and well-functioning secure energy market in the coming decades.

6. I am therefore delighted to share this year’s theme – A Resilient and Sustainable Energy Future.

7. At SIEW 2022, we will explore how we can ensure a secure, sustainable, diverse, and resilient low carbon energy supply as the world undergoes a profound shift in the way we produce, consume and deliver energy.

8. According to the International Energy Agency or IEA, the definition of energy security is becoming broader and more dynamic as compared to the past. These include new and emerging risks as energy systems becomes more digitalised, electrified, and diversified.

9. For example, while digitalisation can accelerate clean energy adoption through integrating higher shares of variable renewables, and intelligent balancing of power supply and demand, the increased connectivity and automation also gives rise to cybersecurity risks. We will also need to enhance the role of green financing and innovation in building our low carbon energy future.

10. According to the International Renewable Energy Agency or IRENA, an annual investment of USD 5.7 trillion in renewables until 2030 will be needed. To support the energy transition, the massive scale-up of renewables across all sectors from 14% of total energy today to around 40% in 2030 will be critical.

11. It is therefore important for countries to develop and deploy a portfolio of bankable low-carbon generation sources to diversify power supply to hedge against security risks.

12. As we increase electrification, digitalisation and adoption of innovation, the global community will need to further strengthen regional and global collaborations. Together, we can work to shape a more resilient and secure energy future.

Highlights at SIEW 2022

13. It is against this backdrop that SIEW will mark its 15th anniversary. This significant milestone would not have been possible without your strong support and participation.

14. For the first time, Singapore and the IEA will co-host the inaugural Singapore-IEA Ministerial Roundtable “Energy Security in a Low-Carbon World”. The Roundtable will bring together energy ministers and industry leaders to address the interlinkages on energy security and energy transitions in a dynamic and complex energy landscape.

15. We will also be partnering IRENA to hold the second Singapore-IRENA High Level Forum. The forum will focus on the role of green energy financing, and investments into end user decarbonisation technologies for the clean energy transition.

16. To commemorate SIEW’s 15th anniversary, we will be launching a podcast series. We are calling it SIEWCast and it will feature high-level interviews with top energy leaders. We will also be introducing SIEW Techtables where international organisations and thinktanks will host discussions on the latest energy innovations and technologies.

17. Another key highlight will be the 15th Anniversary Event which will be held on the first day of SIEW. This year, you can also look forward to exhibitions and networking receptions as we welcome more of you to join us in person.

SIEW Events

18. SIEW will continue to feature our returning partner events that will address key industry sectors such as renewable and clean energy, sustainability in refining & petrochemicals, grid optimisation and the growth and development of LNG and hydrogen.

19. Together, the SIEW Energy Insights and SIEW Thinktank Roundtables, will showcase perspectives from international organisations and industry leaders to address how we can advance the energy transition.

Conclusion

20. To kickstart the SIEW discussions this year, I would like to thank our speakers from IEA, IRENA, Sembcorp, Siemens and SMBC for sharing their perspectives. And I look forward to meeting all of you in person at the 15th SIEW in October later this year.

21. Thank You.