Connect with us


SG Budget 2024: Singapore open to nuclear power, plans S$5B Future Energy Fund

In his Budget statement, DPM Wong noted Singapore’s exploration of geothermal and nuclear energy. The government earmarks S$5 billion for the Future Energy Fund, aiding the transition to low-carbon electricity with critical infrastructu nuclear energy.



SINGAPORE: Deputy Prime Minister and Finance Minister Lawrence Wong has highlighted Singapore’s active exploration of nuclear energy as a potential future source, alongside ongoing studies into other energy alternatives such as hydrogen and geothermal sources.

Speaking during his Budget statement on 16 February, DPM Wong highlighted the rapid advancements in nuclear technology, emphasizing the development of smaller, safer, and more efficient designs.

He expressed the government’s commitment to enhancing its capabilities to evaluate emerging technologies in the nuclear sector and assess the feasibility of nuclear energy deployment in the future.

While discussing the potential of geothermal energy, DPM Wong mentioned the Sembawang hot spring, noting that extensive drilling would be required to determine its viability.

Studies conducted by researchers from Nanyang Technological University revealed the possibility of harnessing geothermal energy near the hot spring, with temperatures reaching up to 200 degrees Celsius at depths of 4 to 5 kilometers.

Singapore has been actively engaging with international organizations such as the International Atomic Energy Agency and collaborating with neighbouring countries to facilitate knowledge sharing and bolster regional capabilities in the energy sector.

New Future Energy Fund

In support of Singapore’s transition towards low-carbon electricity, DPM Wong announced the establishment of a new Future Energy Fund with an initial allocation of S$5 billion.

This fund aims to develop critical infrastructure necessary for the adoption of renewable energy sources such as solar, wind, and hydropower.

Additionally, investments will be directed towards enhancing infrastructure for the generation, storage, and distribution of hydrogen, should the government opt to expand its usage.

Acknowledging the substantial challenges associated with transitioning from natural gas to clean energy, DPM Wong emphasized the need for significant investments, which may require government support.

He underscored the importance of the Future Energy Fund in facilitating timely investments, expediting infrastructure development, and strengthening Singapore’s energy security.

Challenges to achieve net-zero emissions by 2050

DPM Wong emphasized that relying solely on natural gas would not align with Singapore’s goal of achieving net-zero emissions by 2050, particularly considering that the power sector accounts for a significant portion of total emissions.

Given Singapore’s constraints in land availability and limited potential for domestic clean energy production, DPM Wong highlighted the importance of importing low-carbon electricity.

Conditional approval has already been granted for the importation of a substantial amount of low-carbon electricity from Cambodia, Indonesia and Vietnam by 2035.

However, DPM Wong emphasized the need for additional options to decarbonise the remaining energy supply while ensuring energy security.

In 2022, DPM Wong launched the National Hydrogen Strategy, aimed at preparing Singapore for domestic hydrogen deployment and fostering the development of a hydrogen supply chain in Asia.

While acknowledging the challenges associated with hydrogen technology, DPM Wong emphasized the government’s proactive approach in exploring alternatives, such as ammonia, for power generation and bunkering on Jurong Island.

Share this post via:
Continue Reading
Notify of
Oldest Most Voted
Inline Feedbacks
View all comments

Nuclear power? 1 accident and Singapore will be written off the map for decades and we all will become refugees in another country

For a minute island state like Singapore to go for nuclear energy in whatever form is a most irresponsible and dangerous path to take.The Gov of the day should never repeat never ever put the citizens of wonderful Singapore in harm’s way period.

Nuclear? With Singapore land area, are you serious? Nuclear plants are usually situated in area far away from general population in case of leaks, where can Singapore accommodate a nuclear plant? There are other accidents that can happen other than those in Fukushima nuclear disaster.

Is PAP trying to find another excuse to use the taxpayer’s money again?

Want to play with the big boys? Get ready for disasters which they can’t handle.

Getting ready for 10 million population? People should use lesser to save the environment, not more and more. Please remember Chernobyl and Japan.

The Singapore government could have followed the UAE’s plan and have the Koreans begin construction of a nuclear power station 10 years ago. Today the Barakah nuclear power plant is almost at full operation and will supply 25% of that country’s electricity now and for the next 100 years. For them, switching to nuclear means more oil and gas can be exported instead of used at home. They only need to build three more of such power plants to meet all of their electricity needs. For us, switching to nuclear means not having to rely on our neighbours and distant… Read more »

We can have nuclear power. But having nuclear power plant on our shores and energy prices remain as high as today’s price, then you can get fuck off nuclear from our shores.

what is the purpose of nuclear if costs to consumer do not abate and put our lives at risk, like the HIROSHIMA power plant?