South East Asian energy market looks to nuclear
Nuclear is attracting growing interest in Singapore, with the government evaluating its potential to help in meeting the island state’s decarbonization goals and enhance energy security.
Singapore is reliant on natural gas imports for its energy supply. With little suitable free space for solar panels or wind turbines, the Singapore government is currently evaluating the potential use of nuclear energy to help meet its energy needs. Given Singapore’s small size, SMRs may be particularly suited to meeting its energy needs.
Sama Bilbao y León, World Nuclear Association Director General, and Jonathan Cobb, Senior Programme Lead, Climate, recently attended this year’s Singapore International Energy Week (SIEW) conference, an important annual conference addressing energy issues not only for Singapore, but for the south-east Asia region. Organized by the Energy Market Authority, the statutory board under the Ministry of Trade and Industry, World Nuclear Association has participated in SIEW several times over recent years, providing information on nuclear’s potential role in the ASEAN region.
This year, Sama participated in a panel addressing Financing of Clean Energy during the main summit. Sama outlined the potential benefits nuclear offers to countries in the ASEAN region, as well as how financing would support the deployment of nuclear projects in the region. The panel was moderated by Vishal Agarwal, Senior Partner, McKinsey & Company. Sama joined industry experts including Maeda Tadashi, Managing Director, Chairman of the Board of Directors, Japan Bank for International Cooperation (JBIC); Lavan Thiru, Executive Director, Infrastructure Asia; Ramesh Subramaniam, Director General and Group Chief Sectors Group, Asian Development Bank; and Luca Tonello, MD and Chair of Energy and Infrastructure Asia Pacific, SMBC.
Sama also spoke on a panel discussing just transitions to clean energy. She highlighted the potential for nuclear new build to contribute to repowering fossil fuel plant, offering new job opportunities and economic investment for communities that might otherwise suffer. Sama also stressed the importance of bringing abundant energy to everyone, improving electricity supplies for the billions of people who still do not have access to affordable clean energy.
Sama also discussed nuclear’s role in the region in live TV interviews with Bloomberg and Channel News Asia, highlighting the Net Zero Nuclear goal to triple nuclear energy worldwide by 2050.
In addition, SIEW held its first roundtable on nuclear energy. Jonathan Cobb spoke on the panel discussing public acceptance and trust, suggesting that it was important to aim for public support for nuclear energy, rather than just public acceptance.
Outside of the formal conference programme, Sama and Jonathan met with delegates from the Energy Market Authority and the Ministry of Trade and Industry, providing information on potential applications of nuclear energy in Singapore and the broader ASEAN region.
Sama and Jonathan also had meetings with banks and engineering companies interested in nuclear energy and its potential for Singapore, in which they highlighted our Net Zero Nuclear initiative.
Southeast Asia is a region where the energy environment is fast-evolving, with many countries having announced ambitious plans for carbon neutrality. The Executive Director of the International Energy Agency, Fatih Birol, announced the opening of the first IEA Regional Cooperation Centre in Singapore, recognizing the importance of the region. World Nuclear Association will continue to participate in events such as SIEW to highlight the benefits of nuclear in achieving net zero goals.
The Association thanks the ASEAN Center for Energy for our ongoing partnership over the last 3 years and welcomes our blooming collaboration with the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP).