Singapore is investing S$800 million over the next five years to accelerate decarbonization efforts, aiming to meet its 2035 abatement target and 2050 net-zero ambition. The funding will target promising solutions to reduce emissions from the power sector and industries, which account for over 80 percent of the nation's greenhouse gas emissions.
Key focus areas include solar power, hydrogen, energy efficiency, energy storage, carbon capture, and grid modernization. The investment will support both early-stage research and the piloting of mature technologies. A new program, Singapore Pilots for Energy and Enterprise Decarbonisation, will foster local R&D and attract private investment for promising innovations.
Separately, Singapore is allocating an additional S$800 million to establish a semiconductor flagship program. This initiative will focus on high-impact areas like advanced packaging and photonics to translate research into products and boost advanced R&D and manufacturing, creating jobs and positioning Singapore as a key node in global semiconductor development.