Commodities

Singapore Lifts 2035 Clean Energy Import Target By 50%

Commercial buildings in the central business district at night in Singapore, on Thursday, April 11, 2024. Singapore's central bank kept its monetary policy unchanged for a fourth straight time on still-elevated price pressures, a decision seen by some economists as indicative that tight settings will probably stay in the months ahead. (Ore Huiying/Bloomberg)

(Bloomberg) -- Singapore boosted its goal to import clean electricity from neighboring nations as it pushes to curb reliance on natural gas.

The city-state now aims to import 6 gigawatts of clean electricity by 2035, up 50% from its initial plan, Singapore’s Energy Market Authority said in a statement Thursday.

“Given the encouraging progress of electricity imports projects, and to ensure adequate supply to meet our future energy needs given growing demand, Singapore will raise its ambition,” the EMA said.

Singapore, which generates 95% of its electricity from natural gas, is aiming to decarbonize its power mix but faces limits on building solar and wind farms because of a lack of available space. Authorities aim instead to import electricity.

The country gave initial approval for two projects to import 1.4 gigawatts of low-carbon power from Indonesia to Singapore on Thursday. That is on top of 2 gigawatts of capacity approved last year.

©2024 Bloomberg L.P.

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