Honourable Ministers and Excellencies
Mr Francesco La Camera, Director General of the International Renewable Energy Agency,
Ladies and Gentlemen,
Introduction
2. A very warm welcome to the 4th Singapore – International Renewable Energy Agency (IRENA) High-Level Forum.
We are pleased to convene this Forum once again in partnership with IRENA and the Sustainable Energy Association of Singapore (SEAS).
I would also like to thank Director General La Camera and IRENA for your steadfast support for the Singapore International Energy Week over the years.
3. The world is making headway in advancing our COP28 key commitments to triple global renewable energy capacity and double the rate of energy efficiency improvements by 2030.
4. According to IRENA’s latest data, global renewable energy capacity grew by almost 500 GW or about 14% in 2023, investments in renewable energy capacity reached a record high of USD 570 billion, and over 2 million jobs were created through such projects.
5. Yet, much more remains to be done.
Just this month, IRENA cautioned in its progress report that we are at risk of missing our COP28 goals without urgent policy intervention and significant investments.
Countries will need to forge stronger partnerships to bridge the implementation gaps.
Promoting Regional Energy Interconnectivity
6. Here in Southeast Asia, we feel the same urgency. We are blessed with renewable energy potential: the region can meet at least two-thirds of its energy demand with renewables by 2050.
But much of this potential remains untapped.
To harness it, we will need to achieve greater regional energy interconnectivity, with countries exporting renewable energy to places with high demand.
Doing so will improve the bankability of renewable energy projects in the region and enhance energy access across ASEAN.
7. But there can be no transition without transmission.
Overland and subsea power cables in our region form the backbone of an interconnected ASEAN Power Grid.
Without them, our vision of cross-border electricity trading will remain out of reach.
This is why ASEAN recently commenced work on a subsea power cables framework, as a decisive step to accelerate the realisation of the ASEAN Power Grid by 2045.
Singapore has also been working with neighbouring countries and like-minded partners to co-create an ecosystem for cross-border electricity trading.
We have established Working Groups with Cambodia, Laos, and Vietnam on this issue.
We have also worked with the US to launch a “Study on Legal and Financing Frameworks for Regional Energy Connectivity in Southeast Asia”, which will include the participation of regional countries and multilateral development institutions.
Strengthening ASEAN-IRENA Cooperation
8. With its thought leadership, expertise, and networks, IRENA plays a pivotal role in Southeast Asia’s energy transition.
Since the signing of the 2018 ASEAN-IRENA Memorandum of Understanding on Energy Cooperation, IRENA has been actively supporting the region’s energy transition efforts.
9. Southeast Asia has benefited from IRENA’s ASEAN Renewable Energy Outlook and its more recent analysis of the socio-economic dimension of Southeast Asia’s energy transition.
We also look forward to the release of IRENA’s regional interconnectivity report.
Overall, Southeast Asia will continue to count on IRENA as a key partner for implementing the ASEAN Plan of Action for Energy Cooperation.
MPA-IRENA MOU
10. I am also pleased to note that the Maritime Port Authority of Singapore and IRENA will advance their cooperation through an MOU on the Energy Transition of the Maritime and Port Industries.
Such collaborations will strengthen IRENA’s partnership with our region and support our collective efforts to accelerate the deployment of low-carbon fuels for the maritime sector.
Conclusion
11. In conclusion, I hope that this High-level Forum will yield new ideas for the region and take our cooperation to greater heights.
May I now invite my friend, Director General La Camera, to deliver his remarks.
12. Director General, please.