Governments around the globe are realising that fossil fuel supplies are not guaranteed, and this is providing fresh impetus to the wider adoption of renewable energy sources. The argument in favour of renewables has been driven for many years by the growing threat to the planet’s climate posed by greenhouse gas emissions. During last November’s COP26 summit in Glasgow, world leaders debated the urgent steps necessary to prevent the planet from reaching a climate tipping point. Unfortunately, the promises made at the summit to reduce or eliminate emissions may be neither enough nor in time.
As Singapore mulls over its 2050 net zero target, major economies around the world have already set forth plans to reach net zero by that year. The consideration to set a definitive timeline that aligns with Singapore’s long-term climate target will require effort from all sectors of society. Achieving emissions to as close to zero as possible will require a headstrong conviction to move away from fossil fuels and adopt greener and renewable sources of energy.
Current world events are also putting a harsh focus on how we power the global economy. The combination of threats to energy supplies, alarming price volatility and worsening climate change are creating the perfect storm.
