Singapore continues to boost clean energy funding with $195m investment

Updated On: Jul 13, 2011

Singapore’s clean energy industry received a $195 million boost from the National Research Foundation, to be channeled toward research in solar energy, efficient power grid, green buildings and carbon capture and utilisation.

The fresh funds bring the total budget for the sector to $715 million. Mr Leo Yip, chairman of the Economic Development Board (EDB), said the new funding brings the industry closer to its target of providing $1.7 billion in GDP and 7,000 jobs by 2015.

Report: $195m boost for Singapore’s clean energy industry [Straits Times, 12 Jul 2011]

The investment follows a $140 million injection to the water sector announced by Deputy Prime Minister Tharman Shanmugaratnam last week, earmarked for water research and development.

Mr Yip said that Singapore offers global clean technology companies technology, markets, talent and capital in one place. “Singapore's pro-business environment, logistics connectivity, rule of law, intellectual property rights protection and innovation capability have all helped make it a strategic location for many cleantech companies to launch their Asian growth plans,” he said.

EDBI, the investment arm of EDB, has invested about US$100 million in ten clean technology projects around the world over the last few years.

Report & Analysis: Clean energy sector to get $195m injection [Business Times, 13 Jul 2011]

Meanwhile, the Singapore Business Federation (SBF) has launched the Singapore Sustainability Alliance (SSA) to help local companies become more eco-friendly and tap into Singapore’s clean technology network.

The Alliance is aimed at coordinating and optimising the clean technology efforts of business, government and academia. Members of the alliance represent sectors including renewable energy, green building, sustainable manufacturing, water management and waste management.

Recently, SSA became the first Asian organisation to join the International Cleantech Network, a network of leading clean technology clusters from around the world.

Report & Analysis: Singapore firms commended for green efforts [Eco-Business, 12 Jul 2011]

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