Keynote Speech by Minister of State for Trade and Industry Gan Siow Huang at ISAS-NUS 2nd India-Singapore Futures Forum

His Excellency Dr. Shilpak Ambule, High Commissioner of India to Singapore, 

Professor Tan Tai Yong, Chairman of the Institute of South Asian Studies and President of Singapore University of Social Sciences,

Associate Professor Iqbal Singh Sevea, Director of the Institute of South Asian Studies, 

Distinguished guests, 

Ladies and gentlemen, 

Introduction 

1.      Good morning. It is very nice to see that despite the disruptions, what is happening around us in this world, we continue to press on with a forum like this. A forum that helps us to shape the future of this region and also of the world. It is remarkable that we continue to stay the course, to look at long-term challenges that we need to address, and not be distracted by the disruptions around us. So I thank you for making the time and participating in today’s forum. 

2.      Let me begin by thanking ISAS for bringing together policymakers, researchers, and industry leaders from both Singapore and India to discuss issues that matter to us. 

3.      I also want to thank His Excellency the High Commissioner for his warm remarks, and for reminding us that there is a lot of work that has been going on between Singapore and India, and there is a lot more that we can do together. 

4.      Today’s theme, “Accelerating Green Transitions: India-Singapore Cooperation in a Fragmenting World Economy”, could not be more timely. 

5.      Around the world, governments are grappling with the same fundamental challenge: how to accelerate the transition towards low-carbon energy systems while balancing sustainability, energy security and affordability. This is what we call the energy trilemma, and the trilemma is so real for Singapore. 

6.      Achieving this will require innovation, investment and international cooperation. 

Singapore’s Approach to the Energy Transition 

7.      Let us start with innovation. 

8.      As a small island state with very limited domestic energy resources, Singapore imports nearly all of our energy today. Our power and industry sectors account for about 80% of our emissions. 

9.      We have, as a small country, committed to reaching net zero emissions by 2050, while ensuring that our energy system remains reliable, sustainable and affordable. 

10.   To achieve this, we take a “four switches” approach – a diversified set of pathways to support Singapore’s energy transition. This may remind you of our four national taps, in the context of water. Similarly for energy, we are embarking on this strategy of “four switches”. 

a.    Firstly, we still maintain natural gas as a transitional fuel, which generates about 95% of Singapore’s electricity. Natural gas will be here to stay for a long time. 

b.    Secondly, we are looking at our own domestic solar deployment. Recently, we have raised our national goal from 2 gigawatt-peak (GWp) to 3 GWp by 2030. Solar is still our most viable domestic renewable energy source. 

c.    Thirdly, we are exploring low-carbon electricity imports from our neighbours to diversify and decarbonise our energy mix. It is a promising path, in fact we have already started to issue conditional licenses and approvals to several countries and companies in our region. 

d.    Lastly, we are investing in low-carbon alternatives such as hydrogen and its derivatives, including ammonia. We are also studying the possibility of civil nuclear energy, in particular small modular reactors. 

11.   No single pathway will get us to net zero, which is why we have to look at a portfolio for us to be able to achieve affordable and sustainable energy, to have the energy security we need for the future. To support these, the Government has launched an S$800 million Decarbonisation Grand Challenge. These support new programmes to support translational research, development and demonstration activities and, very importantly, to catalyse private investments in promising but nascent technologies. 

12.   Partnerships are equally important in advancing innovation. For instance, in December 2025, Nanyang Technological University (NTU) partnered with the Government of Odisha and the Indian Institute of Technology (IIT) at Bhubaneswar to launch a five-year, S$10 million collaboration to pilot and test sustainable energy technologies.

Singapore-India Partnership in a Changing World 

13.   Besides innovation, the second approach we require is investment. That means scaling the transition while balancing sustainability, energy security and affordability. 

14.   Singapore and India have a strong and multifaceted economic partnership that is anchored by strong bilateral trade and investment links. 

15.   As Dr Shilpak mentioned earlier on, Singapore has been India’s largest investor for many years, accounting for nearly a quarter of India’s cumulative foreign direct investment (FDI) inflows. This reflects India’s rapid growth and the many investment opportunities that this growth has created. This relationship runs both ways: we also see that Singapore has been consistently among the top destinations for India’s overseas investments. 

16.   Our governments have also established partnerships to support economic cooperation. The India-Singapore Ministerial Roundtable (ISMR) which was mentioned earlier on, is a type of platform that allows high-level, Ministerial discussion on areas that we believe will help us strengthen the trade and investment between both countries. These are in the areas of Digitalisation, Sustainability, Advanced Manufacturing, Healthcare & Medicine, Skills Development, and Connectivity. 

17.   India is one of the world’s fastest-growing major economies, while Singapore serves as a trusted global hub connecting companies, capital, talent and ideas. India and Singapore possess complementary strengths and, together, we are well-positioned to do more in these areas. 

Advancing Cooperation in Green Transitions 

18.   The third area is in international cooperation. We need international cooperation to accelerate the transition towards low-carbon energy systems while balancing sustainability, energy security and affordability. 

19.   No country can successfully tackle climate change or navigate the energy transition alone. Partnerships enable us to share expertise, develop common standards and also to scale solutions that would be difficult to achieve in isolation. 

20.   One good example is the Singapore-India Green and Digital Shipping Corridor. The signing was witnessed by Prime Minister Narendra Modi and Prime Minister Lawrence Wong during Prime Minister Wong’s visit to India in September 2025. Under this initiative, Singapore and India will work with industry partners to support the maritime sector’s transition to zero or near-zero emission fuels while strengthening digitalisation across supply chains. 

21.   Singapore and India are also exploring cooperation under Article 6.2 of the Paris Agreement to support emissions reduction projects and facilitate the development of high-quality carbon credits. 

22.   Beyond government cooperation, businesses and research institutions, many of whom are here today, from both Singapore and India are increasingly engaging one another on sustainability and climate innovation. For example, Singaporean companies such as Sembcorp Industries are supporting India’s decarbonisation efforts through renewable energy investments across 13 Indian states, with a renewables portfolio of about 7.6GW. 

Role of Dialogue and Knowledge Platforms 

23.   The energy transition is not only a technological challenge, but also an economic one that we are all faced with. Platforms like today’s forum matter because solutions usually do not come from a single sector alone. The Government certainly not by ourselves, the industry not by themselves, and academics and researchers cannot do this on their own. So, we come together and I am thankful to ISAS-NUS for organising today’s forum. 

Conclusion 

24.   I hope that today’s forum will spark new ideas, new energy, and new solutions that will shape the future of the world. 

25. Thank you.