That said, importing low-carbon electricity from the region will involve investments such as upgrades to Singapore’s existing power grid, he adds. Singapore will also have to invest in new infrastructure to support the rollout of hydrogen power in the future.
The Singapore government will set up a new Future Energy Fund and inject $5 billion to help the nation transition towards cleaner energy sources, says Deputy Prime Minister Lawrence Wong in his Budget 2024 speech on Feb 16.
Natural gas is the cleanest fossil fuel, says Wong, and Singapore is looking to build a second liquefied natural gas (LNG) terminal. However, relying on natural gas will not help Singapore achieve its net-zero goal, which has a 2050 deadline.
