Singapore National Statement at the First Conference on Transitioning Away from Fossil Fuels

Singapore is participating in this important conference as we support the implementation of the Paris Agreement and UNFCCC COP decisions, including paragraph 28 of the UAE Consensus.  We have outlined the progressive actions we are taking in our latest Nationally Determined Contribution and wish to work with other countries to advance the just, orderly, equitable transition to a net-zero future.   

To succeed in our efforts, all countries must make a meaningful contribution. However, we must recognise that countries have different national circumstances.  For countries like Singapore, with limited options to deploy renewable energy at scale, our path to net-zero will depend on technological breakthroughs and strengthened international cooperation.  It is therefore important to help each country to chart out economically viable pathways for the energy transition, while building energy security and resilience, particularly in the face of a protracted energy crunch from the Middle East Conflict.

We believe this conference can make a positive contribution.

First, focus on the key enablers to help countries accelerate the energy transition.  While low carbon alternatives such as geothermal and nuclear energy are mature technologies, other promising pathways like hydrogen and ammonia remain nascent and requires greater effort and investment to increase commercial viability and strengthen supply chains. This conference can help to bring all relevant stakeholders to rapidly scale up and bring down the cost of these technologies.

Second, focus on critical infrastructure and systems that would allow low carbon energy to flow easily across borders.   While regional grids are essential, we must also modernise domestic grids to manage the challenges of intermittency arising from a higher share renewables.  We hope this conference will give this a big push with the support of the UN, IRENA, IEA, MDBs and IFIs.

Third, focus on helping countries to put in place policy and regulatory frameworks to make clean and renewable energy a more attractive investment option vis-à-vis fossil fuels.  Policies such as a moratorium on coal, right-pricing carbon, etc., can provide positive signals to investors. Furthermore, we should look toward high-integrity carbon markets and the use of carbon credits as vital mechanisms to channel finance into decarbonisation projects.

Finally, focus on developing innovative financial instruments to scale much needed finance for the clean energy transition.  Innovative financing instruments such as blended finance, as well as mechanisms such as Article 6 of the Paris Agreement and the voluntary carbon market, can help to de-risk private finance.

We welcome the work to develop a list of practical solutions for the energy transition, as well as the international cooperation mechanisms to implement them and hope our suggestions above will be helpful.  We look forward to working with likeminded countries to build energy systems that are not just cleaner, but also more secure and resilient.