I last visited Singapore 20 years ago and even then what struck me was how clean it was, nice clean streerts, tube trains and a shiny and massive airport!
However then and even to this day, it had a lot of pollution not so much from the diesel cars but also from its manufacturing sites and large petrochemical refinery.
Enterprise Singapore, a government body, is trying to change all that with a 2050 net zero goal and a plan to clean things up for the tiny island state.
A small landmass which has pretty much no power of its own, the nation imports LNG as its principal power source but that is set to be reduced as Magdalene Loh explained.
“We have done the study and we are basically tackling the areas which are the biggest, heaviest emitters which are essentially our power and our industries.
“We don’t have our own natural resources, so we’ve committed to import of up to six gigawatts of clean energy from our neighbours by 2035 and we are already working with our neighbours like Indonesia, Cambodia, Vietnam, which is so good. So in some cases, cables will need to be laid and transmission lines will need to be developed.
“So it’s a longer term goal but this will form up to about one third of Singapore’s energy needs. As for the type of power, it depends which country. So for example, in Vietnam it will be wind. Then Cambodia might be more solar. So it is a bilateral discussion – but also supported by the commercial feasibility.”
Apart from trying to clean up its power use, Singapore being one of the world’s strongest economies is also looking to encourage other Asian nations by helping with financing and regulation of clean tech.
“I think one of the key issues for clean energy projects, in particular for Asia and Southeast Asia is in the area of financing, making bankable projects – and Singapore is a financing hub. So we try to do our part.
“So essentially we put up $500 million for concessional capital and we will match dollar for dollar, with some of our partners that signed on to this program as well. That will try to catalyse some of the capital that is coming up for this region, for decarbonisation efforts.
“The other thing that is important for Asia we thought was the regulatory frameworks. So not just financing but whether the regions, governments are able to put out incentives frameworks, policies that will attract investors.”
Magdalene and I discussed the implications of net zero financing and the attitudes of the younger Singaporeans in the podcast.
It was really great insight into how this is all seen from one the regions of the world, most vulnerable to climate change shocks. Listen to the full chat now and please subscribe and share on social media.
