Singapore adds S$5B to Future Energy Fund, boosts green initiatives

In his Budget 2025 speech, Singapore's Prime Minister Lawrence Wong announced a S$5 billion boost to the Future Energy Fund, aimed at enhancing clean energy initiatives as the country seeks to address rising energy demands and reduce carbon emissions. The funding will support incentives for owners of heavy goods vehicles and buses to transition to electric models, while also exploring nuclear energy as a potential local power source, with studies on its deployment to begin. Wong highlighted that low-carbon electricity imports could meet about one-third of Singapore's energy needs by 2035, but stressed the importance of developing domestic clean energy sources for enhanced energy security. The government has signed civil nuclear cooperation agreements with the US and is pursuing similar partnerships with other nations experienced in nuclear energy. Experts believe this investment will bolster critical infrastructure and innovation in Singapore's clean energy landscape, positioning it as a leader in sustainability efforts. The combination of financial incentives and strategic planning reflects Singapore's commitment to a greener future and its readiness to adapt to evolving energy challenges.