Singapore Promotes Green Energy Research and Development

July 30, 2014 Posted by ASEAN Briefing Reading Time: 3 minutes

SINGAPORE – The Singaporean government announced this morning that it has pledged S$100 million (US$80 million) to fund two new research and development (R&D) initiatives within the energy sector.

The funding will be split between the Building Energy Efficiency Research Development and Demonstration Hub, which will be administered by the Building and Construction Authority, and the Green Data Centre Research Hub Programme, which will be run by the Infocomm Development Authority of Singapore.

Yong Ying-I, the co-chairperson of the Energy Research Development and Demonstration Executive Committee, announced the funding boost and a corresponding series of new national energy technology roadmaps at the inaugural Energy Techroadmap symposium this week. The five roadmaps cover building energy efficiency, green data centers, solar panel research, carbon capture and storage/utilization and industry energy efficiency.

These five roadmaps, along with the two technology roadmaps currently in development based on e-mobility and solid waste management, are aligned with efforts by the Energy National Innovation Challenge to develop cost-competitive energy solutions in order transform Singapore’s energy landscape by 2030. Going forward, the roadmaps will guide government agencies regarding the formulation, funding and implementation of energy initiatives.

Singapore is making increased efforts to develop clean and sustainable energy and in particular to improve its solar and wind energy capacities, energy efficiency, green buildings and smart grids. The government envisions the sector employing 18,000 people and contributing S$3.4 billion (US$2.7 billion) to the national economy by the end of next year.

In line with Singapore’s goal to be a leading global R&D hub, the government pledged more than S$800 million (US$640 million) of public funding for energy, water, green buildings and land scarcity R&D initiatives between 2011 and the end of 2013. In order to entice domestic and foreign investment into R&D initiatives in the country, Singapore offers a range of favorable tax incentives to all industry sectors, including a tax deduction of up to 400 percent of qualifying R&D carried out in the country.

Asia Briefing Ltd. is a subsidiary of Dezan Shira & Associates. Dezan Shira is a specialist foreign direct investment practice, providing corporate establishment, business advisory, tax advisory and compliance, accounting, payroll, due diligence and financial review services to multinationals investing in China, Hong Kong, India, Vietnam, Singapore and the rest of ASEAN. For further information, please email singapore@dezshira.com or visit www.dezshira.com.

Stay up to date with the latest business and investment trends in Asia by subscribing to our complimentary update service featuring news, commentary and regulatory insight.

Related Reading

The Gateway to ASEAN: Doing Business in Singapore 2014 (Second Edition)
Dezan Shira & Associates’ Singapore business guide will provide readers with an overview of the fundamentals of investing and conducting business in Singapore. The 2014 edition explains the basics of company establishment, annual compliance, taxation, human resources, payroll and social insurance in the city-state, in addition to how a company established there can be used to conduct business in the wider ASEAN and Southeast Asian region.