At the 18th LNG Supplies for Asian Markets Conference, Minister of State Low Yen Ling emphasized the crucial role of LNG in achieving sustainability and energy security, outlining government and industry synergies.
Minister of State Low Yen Ling delivered a key speech at the 18th LNG Supplies for Asian Markets (LNGA) Conference, focusing on the theme of “Demand Shock, Cost Inflation, Pricing Challenges & Finding Compromise”. Addressing the conference for the third consecutive year, Low underscored the importance of finding synergies between LNG and sustainability, as well as between government and industry, to navigate the current challenges in the LNG sector.
Highlighting the synergies, Low pointed out that LNG serves as an essential transition fuel, reducing CO2 emissions by half compared to coal, and thereby supporting countries in meeting their carbon reduction commitments. Furthermore, she emphasized LNG’s role in providing energy security and grid stability, making it a complement to renewable energy sources.
Singapore’s approach to including LNG in its sustainable future was also discussed, with the introduction of the Singapore-Asia Taxonomy for Sustainable Finance, which supports responsible LNG projects. Additionally, the development of a second LNG terminal in Singapore aims to bolster the country’s position as a leading bunkering hub and ensure energy security.
Investments from global LNG players in Singapore were highlighted, including initiatives by Chevron and ExxonMobil to nurture the next generation of LNG experts. The establishment of new LNG trading operations by firms such as JERA and the MET Group reinforces Singapore’s status as a leading LNG trading hub.
In conclusion, Low Yen Ling called for continued synergy between all stakeholders in the LNG sector to ensure a sustainable and secure energy future.
Source – MTI
