Three investment strategies to boost Singapore’s green lead

In 2023, Singapore made US$913m worth of private green investments.

Singapore leads the net-zero charge, but experts see room for three more decarbonisation strategies to further solidify its sustainability leadership.

The “Southeast Asia’s Green Economy 2024 Report: Moving the needle” report by Bain & Company, GenZero, Standard Chartered and Temasek suggested that Singapore enable virtual power purchase agreement (vPPA) via bilateral grid interconnection.

“At present, Singapore imports almost all its energy needs and is exploring strategies to diversify its energy sources,” the experts said.

“In November 2023, Singapore approved a fourth cross-border electricity contract, import of low-carbon electricity by Sembcorp from Vietnam,” the experts added.

The report also suggested that Singapore build a system to increase energy efficiency in data centres, given that the nation has a directive to have all new buildings be 50% more energy efficient than 2005 levels.

The experts also suggested that Singapore invest in waste streams for biofuel production and low-carbon transition fuels for maritime.

The report referenced Singapore Airlines' successful SAF pilot with the Civil Aviation Authority of Singapore (CAAS) and GenZero, which generated SAF credits for sale, as a rationale for the idea.

“In COP 28, Pacific International Lines, a Singapore-based shipping company, and DP World, a Dubai-based port operator, agreed to develop green solutions for the maritime industry,” it added.

In 2023, Singapore made US$913m worth of private green investments, a drop of 21% YoY. Singapore accounted for 14% of Southeast Asia deals.

The report attributed the drop to a “decrease in size of individual deals.”

“Despite an overall drop in investments, increases were seen in transport and building sectors, whilst decreasing in solar and waste management versus 2022,” the report highlighted

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