Singapore is establishing a Future Energy Fund with an initial injection of S$5 billion (US$3.7 billion) to drive the country’s significant transition towards cleaner fuels, according to Deputy Prime Minister Lawrence Wong.
Describing the shift to clean fuels as a burgeoning security challenge, Wong emphasized the need to diversify energy sources beyond natural gas, which currently constitutes about 95% of Singapore’s electricity generation.
The Future Energy Fund aims to provide confidence for strategic investments, critical infrastructure development and enhanced security in the clean energy sector.
Singapore is exploring options such as hydrogen, geothermal power, and nuclear energy to achieve decarbonization and reduce reliance on natural gas.
The country is particularly focused on building capabilities to assess evolving technologies and determine the feasibility of nuclear deployment in the future.
