Singapore

Singapore is setting an example of regional collaboration within the APAC region, supporting the energy transition and contributing to the global net zero target. Despite having no domestic wind market, Singapore actively supports the buildout of global offshore wind capacity through providing critical products and services across the value chain, acting as a hub for project development and financing, and driving innovation and standards development.

In October 2024, Singapore announced plans to raise its low-carbon electricity imports from 4 GW to 6 GW by 2035, which will meet one-third of its energy needs. To date, the country has issued Conditional Licenses or Approvals for 10 projects, including a 1.2 GW offshore wind project in Vietnam jointly developed by Singapore's Sembcorp and Vietnam's PTSC.

A global financial centre for wind

Enterprise Singapore, the government agency supporting the growth of the offshore wind cluster in Singapore, estimates that over 40 Singaporean companies are involved in the supply chain of offshore wind projects in the US, UK, EU, Taiwan (China), Korea and Japan. These companies operate primarily in the fabrication of vessels, offshore structures including offshore substations, wind turbine installation vessels (WTIVs), construction support vessels, and service vessels. Singaporean companies have also invested in both onshore and offshore wind farms in overseas markets, further consolidating their role in the global offshore wind industry.

As a champion for sustainable development and ranked among the top three global financial centres, Singapore is leading the way in developing innovative financing tools and capabilities to serve as a catalyst for renewable energy financing. In 2024, the Singapore government announced a commitment of USD 500 million in concessional funding for the Financing Asia's Transition Partnership (FAST-P), launched by the Monetary Authority of Singapore (MAS) at COP28. This blended finance initiative, pooling public and private capital, aims to attract commercial capital and other sources of financing to support Asia's green transition, with a goal of raising up to USD 5 billion for the region's green and transition financing needs.