SINGAPORE: Singapore will pump S$800 million (US$631 million) into decarbonisation over the next five years, as it steps up efforts to meet its 2035 abatement target and 2050 net-zero ambition.
“Building on past efforts, we are significantly increasing investments in promising solutions to reduce power sector and industry emissions, and at the same time, to ensure a reliable and resilient power system,” said Minister-in-charge of Energy and Science and Technology Tan See Leng in parliament on Monday (Mar 2).
The funding is one of two “grand challenges” – large-scale research and translation programmes that advance national strategic priorities – under the national Research, Innovation and Enterprise (RIE) 2030 plan.
Industrial processes and power generation together account for more than 80 per cent of Singapore’s greenhouse gas emissions. The Ministry of Trade and Industry said the investment will focus on technologies that can decarbonise these two sectors at scale.
