It is essential to elevate discussions from the private sector to the policy level. Public-private partnerships play a pivotal role in the energy transition.
The Singapore-IRENA High-Level Forum has consistently served as a cornerstone for catalysing discussions on clean energy technology, policy, and financing in Asia. The 3rd edition of this pivotal event concluded with a panel session uncovering critical insights. Here are three key takeaways:
Minerals are a key constituent in building the technologies to advance our energy transition.
Liu Hongpeng, Director, Energy Division, United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), emphasised the growing importance of minerals as key constituents in building various energy transition technologies.
"When we talk about energy transition, we always say 'from fossil fuel-dependent energy system to minerals-dependent energy system. When we look at energy storage, renewables, wind, and solar, we need more minerals in order to support this energy transition.
"So, I think we need cooperation to provide the reliability and accessibility of these mineral resources in these important areas. This is where regional cooperation shows its importance to achieve these goals," he said.
Singapore and Southeast Asia have the momentum to drive renewables to the forefront of everyday energy.
The discussion took a turn towards regional economic insights. Ambassador Brian McFeeters (ret.), Senior Vice President and Regional Managing Director, US-ASEAN Business Council, who moderated the Closing Session, was joined by panellist Henry Haggard, Director, Energy Diplomacy, Department of State, United States. Both shared an optimistic view that Southeast Asia is well-positioned to propel the energy transition forward.
They also noted that Singapore's substantial demand for renewable energy is acting as a catalyst for change throughout the region. "Singapore, by having this huge demand for renewable energy, is causing things to happen around the region that would never otherwise happen. So, I would just say that’s an optimistic note that things are happening,” said Mr McFeeters.
Mr Haggard agreed, stating: "This is a region where the growth and demand in the next years will create a lot of work to ensure that we can respond to people's need for energy, to the climate crisis, and accelerating the energy transition."
Public-private partnerships can be the means to ensure a mutually beneficial approach to energy transitions.
In closing, Mr Liu emphasised the importance of public-private partnerships in steering effective energy transitions. He stressed that the proactiveness of the private sector, in technical and financial expertise, must align with government support and institutional follow-through in order to turn momentum into concrete action.
He said: "We need governments for support. We have much private-sector discussions here (at SIEW) with innovative ideas, with the investment and financing requirements, with the different kind of building practices. We need to bring all of these up to the policy level, and then to implement them. The public-private partnership will be very important."