The Lianhe Zaobao reported on July 28 that Singapore's Minister of Manpower, Dr. Tan See Leng, in an interview in his capacity as Cabinet Director for Energy, Technology, and Science, cited data from the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) stating that building a comprehensive ASEAN power grid, from upstream renewable energy generation to downstream equipment manufacturing such as solar panels, power interconnectors, and submarine cables, would require a total investment of US$764 billion. He stated that building the ASEAN power grid would boost the regional economy, attract significant foreign capital inflows, and promote construction investment. Grid integration would also reduce overall power generation system costs and help Singapore, which lacks renewable energy, achieve its net-zero emissions target by 2050.
"With a robust government-to-government cooperation framework, these projects will more easily secure funding, including from the public and private sectors, and even long-term philanthropic funds. Our vision is to unlock the potential of this sector through cooperation between nations," said Dr. Tan See Leng, noting that Singapore, as a buyer of renewable energy, can promote related investment and collaborate with other international partners, such as sovereign wealth funds, the World Bank, and the Asian Development Bank, to support the continued development of these projects.
