The world has been facing an energy crunch since September 2021. Global gas prices had increased significantly due to unanticipated high demand and tight gas supply. In Singapore, around 95% of electricity is generated from imported natural gas, and the higher fuel prices have pushed up electricity prices. The Government has implemented measures that have secured Singapore's energy supply and stabilised our markets, but will need to brace for the coming winter months when energy demand picks up and supply shortages continue to be exacerbated by the conflict in Ukraine.
However, we cannot lose sight of our longer-term sustainability objectives even as we deal with the immediate energy crisis. The Singapore Energy Transition is critical to reduce our carbon footprint. Singapore aims to achieve net-zero emissions by or around mid-century and the power sector has a key role to play, as it accounts for about 40% of Singapore's carbon emissions. To achieve this, the entire energy value chain would have to undergo transformational changes, and overcome challenges due to uncertainties such as geopolitical trends and technological advancements.
What are the strategies already in place to manage the energy and climate crises? What more can be done, not only by the public sector, but also the private sector, to safeguard Singapore's future?
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