Singapore plans a huge RM17.7bil fund for clean energy transition
SINGAPORE (Bloomberg): Singapore is setting up a S$5 billion (US$3.7 billion RM17.7bil) fund to invest in clean energy technology and infrastructure as it works toward net zero emissions by 2050.

The so-called Future Energy Fund will "put us in a better position to move quickly on critical infrastructure and enhance our security in clean energy,” Deputy Prime Minister Lawrence Wong said in parliament Friday.

Singapore’s shift to renewable energy sources like solar and wind has been hampered by its limited land space. Currently, some 95% of the city-state’s electricity comes from natural gas.

With the power sector accounting for 40% of total emissions, the government plans to import low-carbon electricity from neighboring countries, which will require investments in submarine cables and grid infrastructure.

It’s also looking into hydrogen generation, storage and delivery.

"The scale of this so-called transition is massive, and we will need to get it done over the next two decades or so,” Wong said.

This is "not a lot of time, when you think about the enormity of the task.” -- ©2024 Bloomberg L.P.
Singapore,Clean Air Energy,Big Plans,Huge Fund,Project
Singapore is setting up a S$5 billion (US$3.7 billion RM17.7bil) fund to invest in clean energy technology and infrastructure as it works toward net zero emissions by 2050.