“All of these investments will be costly,” says Wong. “They cannot be done by the private sector alone, and will likely need some catalytic funding from the government.”
Sustainability leaders praise the government’s decision to inject $5 billion into a new fund to help Singapore transition towards cleaner energy sources, and they hope funds will be channelled towards solving current limitations on hydrogen power.
Deputy Prime Minister Lawrence Wong announced the Future Energy Fund in his Budget 2024 speech on Feb 16, while describing the critical infrastructure needed for Singapore’s shift to low-carbon electricity. These include laying submarine cables to facilitate the import of low-carbon electricity and upgrading Singapore’s existing power grid.
