Intervention by Ms Grace Fu, Minister for Sustainability and the Environment, at the Net Zero World Launch Event at the COP27 U.S. Pavilion
1 Thank you, Secretary Granholm. It is my great pleasure to join everyone at the US Pavilion today.
2 There is strong momentum for countries to do more to decarbonise and reduce their emissions.
3 We need to work together as a global community to plan and calibrate our energy transition together. There is urgency so that our people have access to an equitable and just clean energy future.
4 Let me share with you on how we can accelerate the global energy transition.
Accelerate the deployment of renewable energy
5 First, we need to look at accelerating the deployment of renewable energy.
6 Energy demand in Asia is projected to increase significantly. And yet today, renewable energy only makes up 10% of Asia’s energy supply.
7 With the growth in energy demand, there is an urgency for us to increase renewable energy deployment in the region.
8 Singapore is doing our part in accelerating our solar deployment. We have a solar target of 1.5 gigawatt-peak (GWp) by 2025 and at least 2 GWp by 2030.
Cross-border collaborations and clean energy trade
9 Secondly, we need to strengthen energy collaborations and facilitating clean energy trade across the region.
10 With the transition to clean energy sources, we see a fundamental shift in energy supply chains. Countries rich in renewable energy potential can now export energy via electricity transmission cables. In the future, they can also produce clean energy fuels such as green hydrogen, which can be transported around the world.
11 Southeast Asia is brimming with renewable energy potential. We are a diverse collection of countries with varying capacity to generate and pay for clean energy. Having a wider base of consumers willing to offtake clean energy can provide the base demand and improve the viability of projects.
12 And that’s where cross-border collaborations and clean energy trade can help to make projects more commercially-viable in our region.
13 Regional power grids and cross-border energy trade can strengthen regional energy security and resilience, and unlock investments in renewable energy and employment opportunities in the source countries.
14 To facilitate clean energy trade in the region, Governments should work together to establish the regulatory frameworks, infrastructure, and the ecosystem, to provide more assurance for cross-border energy trade and enhance regional interconnectivity.
15 The Lao PDR-Thailand-Malaysia-Singapore Power Integration Project that successfully commenced on 23 June this year serves as an important pathfinder project to advance regional interconnectivity, underpinned by the ASEAN Power Grid vision.
Boosting the commercial viability of clean energy trade projects
16 To draw in private sector investments, governments should enhance the bankability of energy infrastructure projects and channel capital into new growth areas.
17 Singapore will be partnering the US on a Feasibility Study on Regional Energy Connectivity in Southeast Asia. It will assess the benefits, technical feasibility, and economic viability of developing a regional power grid network comprising both land and sea-based interconnections in Southeast Asia.
18 The Study will also propose possible forms of such a regional network, taking into consideration implemented and planned connections, as well as other possible connections involving regional countries.
19 The study will be part of the Net Zero World Initiative led by the US, which Singapore will be joining. Singapore will work with US and Southeast Asian partners hand in hand to co-create and implement actionable technical and investment plans to support energy decarbonisation in the region.
Adopt a pragmatic approach in our energy transition
20 Even as we accelerate the adoption of low-carbon solutions, we must continue to manage trade-offs between energy security, price competitiveness and environmental sustainability.
21 A pragmatic energy transition is crucial in global energy security and resilience.
22 Thank you.