Gov’t eyes new trade flows for energy transition amidst tensions

It will also grow specialised trade expertise in green commodities.

The government will continue to grow new trade flows that support global energy transition amidst accelerating trade tensions, according to Enterprise Singapore managing director Cindy Khoo.

“The volume of biofuels and their feedstocks traded by our Singapore-based commodity traders grew by about 16% in 2023, and we expect Singapore to continue to play a key role in global biofuel trade,” she said.

New policy shifts, like China's Used Cooking Oil (UCO) export tax rebate removal in December 2024, will result in reduced flows of biofuel feedstock from China to Europe.

Khoo said biofuel players in Singapore can maximise the city-state’s position as a neutral marketplace to source from other feedback producers in the region such as Malaysia to support UCO exports to Europe.

“Next, we will grow specialised trade expertise in green commodities and data-related competencies to meet the talent needs of global traders,” Khoo said.

In the carbon space, Enterprise Singapore and the Singapore Economic Development Board worked with Nanyang Technological University (NTU) to launch the Carbon Markets Academy of Singapore last year.

The academy will deliver Asia-focused research for the region and offer courses in carbon services, trading, and management.

“Enterprise Singapore also partnered with NTU to incorporate data analytics modules into its international trading programme curriculum to equip future professionals with essential data skills,” she added.

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