Your Excellencies,

 

1.    First, let me express my appreciation to Japan for bringing together like-minded partners to work towards the decarbonisation of our region through the Asia Zero Emissions Community – or AZEC in short.

 

2.    Last year, Japan Prime Minister Kishida and my Prime Minister discussed how we could build on our strong bilateral collaborations to support regional decarbonisation through the AZEC.

 

3.    I am glad to be here today, together with our regional partners, to accelerate our journey towards a zero-emission future.

 

Importance of Climate Action in the region

 

4.    Climate change is happening at an increasing pace and tackling climate change is one of the most pressing challenges of our generation.

 

5.    Asia has experienced the direct impact of climate change, and its consequences on the environment, economies, and livelihoods of our people in the region are far-reaching and devastating.

 

6.    It is critical that we undertake urgent and ambitious actions to reduce our greenhouse gas emissions and strengthen climate resilience in our region.

 

7.    Countries in Asia faces the challenge of having to decarbonise our economy while growing it rapidly.

 

8.    Fortunately, our region is also rich in renewable energy potential, which can support our decarbonisation journeys. According to the International Renewable Energy Agency, renewables can contribute to 40% of Southeast Asia’s total power capacity by 2030, and two-thirds by 2050. This can allow us to reduce energy-related carbon dioxide emissions by 75% compared to current levels.

 

Strategies to achieve net-zero emissions

 

9.    There are three key strategies that our region can take to achieve net-zero emissions and green our economy, underpinned by strong regional and international collaboration.

 

10. First, we need to scale up the deployment of renewable energy through international cooperation and cross-border trade of clean energy.

 

11. Deployment and scaling up of renewable energy supply and distribution require heavy capital investments, and entails a long payback period.

 

12. We can explore various financing options to catalyse investment in green energy systems, including cross-border green financing and investments. The financing of green energy projects may involve not just government support but also private sector participation. This approach will allow the developing economies to accelerate their transition to green energy.

 

13. To make the projects financially more attractive to financial institutions and investors, we need to promote cross-border trade of electricity. This way, we can help countries with demand for green energy to meet their decarbonisation goals, as well as provide the base load to support the green energy development in the source countries to meet their own needs.

 

14. To kick-start clean energy trade, Singapore is working with our neighbours to develop a regional power grid and import up to 4 gigawatts of electricity by 2035.

 

15. Furthermore, the successful conclusion of Article 6 of the Paris Agreement at COP-26 in 2021 has generated fresh momentum in global carbon markets. Asia has rich potential for carbon credits projects such as in nature-based solutions, and renewables.

 

16. Carbon markets collaboration enables countries to unlock new mitigation potential and achieve our respective climate commitments. They also facilitate increased investment in host countries, supporting the implementation of mitigation and adaptation measures, and create jobs in the green economy.

 

17. Second, we need to collaborate and take decisive actions to develop clean energy technologies.

 

18. Current technologies alone will not get us where we need to be. The region needs to collaborate on Research, Development and Deployment of green technology to push the frontiers and enable emerging technologies such as hydrogen and carbon capture, utilisation and storage, to mature and be widely deployed.

 

19. Singapore strongly supports such initiatives and have set up several funding initiatives to develop and test clean energy solutions, including second-life batteries, floating solar panels, and novel membranes or materials to absorb carbon dioxide.

 

20. Last year, we have launched the Singapore’s National Hydrogen Strategy. It charts out Singapore’s approach towards developing hydrogen as a key decarbonisation pathway for hard-to-abate sectors. We are keen to explore collaboration with like-minded partners to accelerate the development of such technologies.

 

21. Third, we should adopt a pragmatic approach in our energy transitions.

 

22. Even as we aspire for emission-free energy, we should not dismiss the role of natural gas, which will play an important role as a transition fuel and as part of the energy mix in the longer-term.

 

23. As we scale up renewable energy, we will need to ensure continued investments in the natural gas value chain, to avoid recurring and protracted energy supply disruptions like what we had experienced in the last two years.

 

24. We need to invest in and deploy technologies such as hydrogen-ready power generation plants, which can switch from natural gas to hydrogen in future.

 

25. Singapore will see the first hydrogen-ready power plant becoming operational in 2026.

 

Closing

 

26. To conclude, the transition to clean energy will not be a straight-forward journey. The AZEC will play an important role in enabling our region to work together and providing guidance in the region’s decarbonisation pathways.

 

27. Singapore looks forward to work with like-minded partners as we accelerate our journey towards a carbon neutral and net-zero future.

 

28. Thank you.