SINGAPORE: Singapore has set “aspirational targets” for its energy & chemicals (E&C) sector to increase its output of sustainable products by four times from 2019 levels and achieve more than six million tonnes of carbon abatement per year from low-carbon solutions by 2050, said the Singapore Economic Development Board (EDB) in a report released on Tuesday (23 Nov).
The “Sustainable Jurong Island” report details the Government’s plans to transform Jurong Island into a “sustainable energy and chemicals park” that operates sustainably and exports sustainable products globally.
It was developed by EDB with support from JTC, the Agency for Science, Technology and Research (A*STAR), the Energy Market Authority (EMA) and the National Environment Agency (NEA).
Minister for Trade and Industry Gan Kim Yong made the announcement at the groundbreaking of the pyrolysis oil upgrader unit at Shell Energy and Chemicals Park Singapore on Tuesday. The announcement builds on the sustainability ambitions for Jurong Island that were first announced in the Green Economy pillar of the Singapore Green Plan 2030.
To reach these long-term goals, EDB will set out to achieve three key targets for the E&C sector by 2030, namely to increase the output of sustainable products by 1.5 times from 2019 levels; ensure that the refineries and crackers in Singapore are in the top quartile of the world in terms of energy efficiency; and realise at least two million tonnes of carbon capture potential.
The baseline for Singapore’s targets is 2019 data, given that 2020 data may not be a representative base due to the impact of COVID-19 on the sector, said EDB in its report.
“Today, Singapore is one of the world’s leading E&C hubs. The sector contributes about 20 per cent of Singapore’s total output and employs 27,000 people. Against the backdrop of the global shift towards energy transition, the plan seeks to keep Jurong Island relevant, as the E&C sector transforms,” said EDB in a news release.