Prime Minister Lawrence Wong delivered a speech at the inaugural IPEF Clean Economy Investor Forum in Singapore on June 6, 2024. He emphasized the importance of the IPEF and detailed Singapore’s commitment to supporting clean energy initiatives and fostering economic cooperation in the Indo-Pacific region.
Prime Minister and Minister for Finance Lawrence Wong addressed the IPEF Clean Economy Investor Forum on June 6, 2024, in Singapore. The forum marked a significant milestone in promoting clean energy and climate-friendly technologies within the Indo-Pacific region.
In his speech, PM Wong welcomed international delegates, including U.S. Secretary Raimondo and representatives from various IPEF countries. He highlighted the importance of the IPEF’s role in fostering economic cooperation and maintaining peace and stability in Southeast Asia. PM Wong reiterated Singapore’s long-standing advocacy for active U.S. engagement in the region and the country’s support for the IPEF’s four pillars: Trade, Supply Chains, Clean Economy, and Fair Economy.
Focusing on the Clean Economy Agreement, PM Wong outlined the commitment of IPEF members to accelerate the development and use of clean energy technologies. He stressed the need for concrete projects and initiatives to achieve these high aspirations, noting that the forum itself was a step toward catalyzing investments and partnerships in the Indo-Pacific.
PM Wong identified three critical areas for action under the IPEF: clean energy infrastructure, scaling up new technologies, and financing. He pointed out the untapped potential of Southeast Asia’s renewable energy resources, such as solar, wind, and hydropower, and emphasized the importance of regional power grids to balance energy supply and demand.
He also discussed the need to scale up existing green technologies and reduce their costs, particularly Carbon Capture and Storage (CCS). While acknowledging the mixed reputation of CCS, he emphasized its necessity for hard-to-abate industries and highlighted recent legislative efforts in Indonesia, Singapore, Malaysia, and Australia to support CCS initiatives.
On financing, PM Wong advocated for blended finance to de-risk clean energy projects and attract private capital. He introduced Singapore’s blended finance platform, Financing Asia’s Transition Partnership (FAST-P), designed to mobilize concessional capital and attract commercial investments. He also underscored the importance of correct carbon pricing and reducing fossil fuel subsidies to enhance the bankability of renewable energy projects.
PM Wong called for collective efforts to address the climate crisis, emphasizing the crucial role of American leadership in maintaining a rules-based order and promoting multilateral cooperation. He affirmed Singapore’s commitment to supporting the IPEF and achieving concrete outcomes for a sustainable future.
Source – PMO
