Singapore energy week treads fine line between fossil fuels and energy transition
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The annual Singapore International Energy Week 2024 last week walked a fine line between fossil fuels and energy transition amid a flurry of deals and announcements on clean energy, hydrogen, carbon capture and low-carbon electricity.
Oil czar and chief executive of?Saudi Aramco, Amin Nasser, headlined the event with a pitch for? hydrocarbons, arguing that progress in energy transition for the global South is “far slower, far less equitable, and far more complicated than many expected.”
The International Energy Agency unveiled its first office in Asia Pacific located in Singapore. IEA’s chief Fatih Birol noted Southeast Asia’s energy demand is set to grow by more than 60% by 2050, with? continued reliance on fossil fuels, under current policy conditions. Southeast Asia is also emerging as the new battleground for US-China clean energy competition.
Meanwhile, Singapore pushed ahead on a range of energy transition plans – it granted conditional approvato Sun Cable for the import of 1.75 GW low-carbon electricity from Australia through a 4,300 km undersea cable, and revealed plans to evaluate nuclear energy technologies like small modular reactors under an existing agreement with the US.
Singapore also plans to develop carbon capture and storage (CCS) for CO2 emissions from its industries and power plants, and upgrade its power grid to support distributed energy resources (DERs) such as rooftop solar photovoltaics, battery energy storage systems (BESS) and EV chargers.
Hydrogen agreements included Woodside Energy and Keppel signing a deal to supply liquid hydrogen to data centers in Singapore, City Energy and Petronas subsidiary Gentari to study a hydrogen pipeline from Malaysia to Singapore and PowerSeraya starting the development of a 600MW hydrogen-ready gas fired power plant.
Renewables to account for bulk of new power generation in Asia
Source: S&P Global Commodity Insights
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