2. Speeches
Opening Remarks by Min(EST) Tan See Leng at the Singapore-IRENA High-Level Forum
28 October 2025
Honourable Ministers and Excellencies,
Mr Francesco La Camera, Director General of the International Renewable Energy Agency,
Ladies and Gentlemen
Introduction
1. Welcome to the 5th Singapore-IRENA High-Level Forum. I would like to sincerely thank my friend, Director General La Camera, and IRENA for your commitment to the Singapore International Energy Week. We are delighted to host this Forum with IRENA and the Sustainable Energy Association of Singapore (SEAS).
2. These are worrying times for the energy transition. Global climate ambition appears to be wavering, and the COP28 goal of tripling renewables by 2030 now seems like a long shot.
3. But all is not doom and gloom. IRENA’s data shows that over 500GW of new renewables capacity was installed globally in 2024. This was a historic high and a 15% year-on-year increase in new capacity installed. This growth underscores the ongoing global shift towards cleaner energy sources.
4. There is similarly tremendous potential within Southeast Asia to green our grids. The region possesses abundant natural resources, be it in the form of solar, wind, geothermal or hydropower. Earlier this month, ASEAN Energy Ministers endorsed the ASEAN Plan of Action for Energy Cooperation 2026-2030. The Plan set clear and ambitious 2030 targets for ASEAN. First, for renewable energy to meet 30% of our energy needs. Second, for renewable energy to make up 45% of installed power capacity. But are they achievable?
Public and private partnerships
5. ASEAN requires an estimated USD six to seven trillion in investments by 2050 to achieve decarbonisation across our power, transport, buildings, and industry sectors. This staggering figure underscores the magnitude of the challenge we face. No single government can shoulder this burden alone.
6. To make renewables bankable, we must build up the willingness to pay for renewable energy, whether through carbon pricing to reflect the real cost of emissions, or by bringing down the costs of renewable energy for it to outcompete coal and gas. At the same time, we need to close the financing gap by mobilising both public and private capital for the energy transition. Projects must also be underpinned by credible policy frameworks, stable regulations, and regional cooperation that give investors and offtakers the confidence to commit for the long term.
7. Singapore is committed to doing its part. Over the past few years, we have worked with our neighbours tirelessly to catalyse new projects for cross-border electricity trading. When realised, these projects will create new renewable energy capacity that might otherwise not be built. This capacity can be used for both domestic supply as well as for cross-border trading. Such projects will also create new jobs, generate knock-on investments, and yield new sources of tax revenue.
8. At the regional level, Singapore has worked with our partners in ASEAN on the signing of the enhanced ASEAN Power Grid MOU as well as the endorsement of the Terms of Reference for an ASEAN Subsea Power Cable Development Framework. Both of these milestones were reached under Malaysia’s able chairmanship of ASEAN. Singapore will work tirelessly to co-create the regulatory frameworks for cross-border electricity trade to provide clarity to private sector investors and kickstart development.
Strengthening ASEAN-IRENA cooperation through APRESA
9. There remains much work to be done, and we must work with partners such as IRENA, who bring invaluable thought leadership, expertise, and guidance to our region. I am heartened by IRENA’s unveiling of the Accelerated Partnership for Renewable Energy in Southeast Asia, or APRESA, at today’s Forum. We welcome this initiative and hope APRESA can address some of the key challenges in our regional energy system, particularly on the topics of cross-border electricity trade, renewable energy project financing, and grid modernisation.
10. Together with our fellow ASEAN members, Singapore looks forward to working closely with IRENA to further develop APRESA in ways to achieve the region’s renewable energy targets, ensuring that it is practical and directly addresses the region’s priorities and needs.
Conclusion
11. In conclusion, our journey towards a secure, affordable, and sustainable energy future is a marathon. Singapore may be small, but we are committed to playing our part alongside partners like IRENA through the new APRESA initiative. I hope this forum will generate new ideas and strengthen our cooperation in this exciting new chapter for ASEAN-IRENA collaboration.
12. Thank you.