The government of Singapore has unveiled a SGD $100 million (approximately $74,1 million) support package aimed at accelerating green growth in the marine and offshore energy sectors over the next five years.
The investment was unveiled by Minister of State Alvin Tan at an event held in Singapore on November 19. The fund will focus on fostering partnerships and driving innovation in key areas such as marine digitalization, offshore wind, and floating storage, supporting the nation’s goal of achieving net-zero emissions by 2050 under the Singapore Green Plan.
Tan emphasized the urgency of the energy transition, stating: “ There is work still to be done; we must embrace the energy transition, collaborate, and learn from each other, because we all play a role in the low-carbon economy.”
The Singapore government highlighted transformative technologies and initiatives driving decarbonization, including carbon capture and storage (CCS), alternative fuels, and digital innovations. Industry leaders stressed the competitive advantages of adopting solutions early to meet regulatory targets.
In terms of other developments in the area, a Singapore-based company Hann-Ocean Energy concluded its wave energy generation project on Shengsi Island, Zhejiang Province, after two and a half years of sea trials.
The project, which began in January 2022 , focused on testing the performance and stability of the Drakoo 15 kW wave energy converter (WEC) and evaluating various coating schemes for future durable technologies.