The future of clean energy lies in building regional interconnectivity, promoting sustainable investments, and encouraging swift collaboration on a global scale.
At the heart of the Singapore-IRENA High-Level Forum's Welcome Remarks and Opening Address was a crucial dialogue on the future of sustainable energy. Dr Tan See Leng, Minister for Manpower and Second Minister for Trade and Industry, Francesco La Camera, Director-General of the International Renewable Energy Agency (IRENA), and Christophe Inglin, Vice Chairman of the Sustainable Energy Association of Singapore (SEAS) and Managing Director of Energetix, came together to shed light on their concerns and priorities.
Building regional interconnectivity
Dr Tan outlined the global context, emphasising that while renewable electricity has become more accessible, global emissions continue to rise due to growing energy demand. He stressed that to achieve the goal of limiting the rise in global temperatures to 1.5ÂșC, "working together is not an option, but a necessity. Regional interconnections [in particular], not only promote the deployment of renewables but also generate savings of up to US$160 billion through the optimisation of renewable energy resources in the region".
Singapore has been actively partnering with other countries in the development of renewable energy projects, Furthermore, Phase 1 of the Singapore-US Feasibility Study on Regional Interconnectivity is nearing completion, with more details shared at the SIEW Energy Insights sessions.
Mr La Camera echoed similar sentiments, stating: "We need to act on accelerating the realisation of the region's interconnectivity because it is key to achieving the transition to net zero in a cost effective manner."
For both Dr Tan and Mr La Camera, the role of public-private partnerships and international financial institutions in unlocking financing for renewable energy projects is paramount. "The need to accelerate the rate of investment is in any transition, and investments provide significant returns in terms of environmental and social economic benefits," said Mr La Camera.
Mr Inglin concurred, stating: "We're harnessing regional energy interconnectivity to not only enhance the reliability of our energy supply, but also to drive economic growth and create jobs for each of our emerging technologies at the forefront of our journey towards a sustainable future."
Promoting sustainable investments
Dr Tan also highlighted the need for substantial investments in the transition to sustainable energy. According to IRENA's World Energy Transition Outlook Report 2023, some US$44 trillion in cumulative investments will be required from now until 2030 to achieve a successful energy transition, particularly in the areas of electrification, energy efficiency and grid expansion.
Mr Inglin provided a glimpse of the potential outcomes of these investments. He discussed advances in wind, solar, energy storage, electric vehicles, and carbon, capture and storage (CCS). Additionally, he emphasised the growing prominence of hydrogen as a clean energy carrier as well as smart grids that empower consumers to monitor and control their energy usage.
"Technologies that promote the circular economy are reducing waste and encouraging recycling to reuse. Innovations in material science are enabling the creation of eco-friendly products with reduced environmental footprints," he added.
Acting precisely and collaboratively
Mr Inglin concluded that "these technologies, combined with strong policies and collaborative effort, propel us closer to a net zero world. They hold the key to not only reducing our carbon footprint, but also slowing economic growth and creating more sustainable, resilient and environmentally responsible global communities.
"Embracing these innovations is not just a choice, it is a necessity for our future well-being. The urgency of this transition cannot be overstatedâwe are racing against time, against global warming and it's catastrophic consequences. To achieve our goals, we must act precisely and collaboratively."