Highlights from the Singapore International Energy Week 2012

December 18, 2012 by  
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The 5th annual Singapore International Energy Week (SIEW) 2012 starts today and brings together policymakers, energy experts and industry players to discuss energy issues, strategies and solutions. The SIEW 2012 Opening Keynote Address was delivered by Maria van der Hoeven, Executive Director of the International Energy Agency (IEA), who shared her thoughts on Asia and the global energy economy.

Maria highlighted the new reality of risks due to slowing economic growth and geopolitical uncertainties, but there are still positive signs for oil and gas supplies. There is a growing role for Liquefied Natural Gas (LNG) as global LNG trade will increase by one third over 2011-2017, ASEAN countries are looking at LNG imports, and Asia is the second largest gas consuming region. At the moment, there is no trading hub for natural gas in Asia, although Singapore could be a possible gas trading hub with its experience in oil trading. Read more

Speech by PM Lee at Singapore International Energy Week

November 4, 2010 by  
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Excellencies,

Distinguish guests,

Ladies and gentlemen.

I am very happy to join you this morning for the 3rd Singapore International Energy Week. This year’s event has attracted the largest ever participation from the region and beyond and this strong turnout reflects the growing priority that all countries are placing on energy issues today.

2. We consume energy in the course of almost all parts of our daily lives. It makes possible the way we live, work, play and travel. And ever since the Industrial Revolution and especially over the past century, mankind has relied on cheap supplies of fossil fuels to drive economic progress. But this dependence will be very difficult to be sustained. Read more

Singapore Preparing For a Smart Energy Economy

November 1, 2010 by  
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Prime Minister Lee Hsien Loong delivered the annual Singapore Energy Lecture this morning at the 3rd Singapore International Energy Week (SIEW). PM Lee spoke about how Singapore is preparing for the new energy future amid uncertainties in future energy prices, a global regime on climate change, and new technologies. Singapore’s challenge is to have energy that is cost-competitive, secure, clean and sustainable. PM Lee outlined four key strategies towards a smart energy economy:

1. Promote Competitive Markets

To promote competitive markets, Singapore will price energy properly and avoid subsidies for households and businesses, and foster competition in the production and supply of energy so as to increase efficiency. PM Lee also said that Singapore should work through the market to cut carbon emissions as pushing for efficiency is limited due to the rebound effect. Therefore, there is a need to impose a charge on consumers to induce them to change their behaviour, and the best approach is to apply a carbon price, whether through a carbon tax or cap and trade scheme. Read more