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  • Energy Economy
22 October 2019

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  • Singapore

Singapore’s Temasek Holdings made a $2.9 billion offer for majority control of Keppel Corp. , and the sovereign-wealth fund plans to merge the shipyard with rival Sembcorp Marine Ltd. in response to consolidation in the ship construction sector in South Korea and China, people familiar with the matter said.

The move would mark the biggest action in the maritime business for Temasek, which has a $230 billion portfolio that includes shipping, airlines, real estate, energy and bank investments, since it sold Singapore flag carrier Neptune Orient Lines to French operator CMA CGM SA for $2.4 billion in 2015.

Keppel and Sembcorp Marine both specialize in building offshore rigs. That business has foundered in recent years as a surge in shale oil production in the U.S. has made it difficult for offshore oil explorers to compete.

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Temasek already owns nearly 21% of Keppel, which also counts private-equity groups BlackRock Inc. and Vanguard Group as investors. The offer made Monday at 7.35 Singapore dollars ($5.40) a share is a 26% premium to Keppel’s S$5.84 closing price last Friday and would boost Temasek’s holding to 51%.

“Offshore drilling is looking up, but it needs investment,” said a person involved in the matter, who asked not to be named because they weren’t authorized to talk to the media. “There are no decisions yet, but the plan is to look into a merger with Sembcorp Marine following extensive yard consolidation in China and Korea. But if it doesn’t work, Sembcorp Marine may be privatized.”

Other options may be examined aside from privatization, another person said.

Temasek owns 49.5% of Sembcorp Industries Ltd. , a global business including logistics warehouses, infrastructure, energy generation and utilities whose holdings include Sembcorp Marine.

Sembcorp Marine’s market value before the offer stood at around $2.1 billion and Keppel’s at $7.9 billion.

“The partial offer reflects our view that there’s inherent long-term value in Keppel’s businesses, notwithstanding the challenges presented by the current business and economic outlook,” Tan Chong Lee, president of Temasek International, said in a statement.

Temasek said it made the offer through its wholly owned subsidiary Kyanite Investment Holdings, which will undertake a comprehensive review of Keppel’s businesses and balance sheet.

Keppel last week reported third-quarter net profit of $110.7 million, a 30% decline from the same period last year.

Temasek’s move comes after Keppel and Sembcorp Marine reached long-awaited settlements with Brazilian offshore driller Sete Brasil in early October over a combined 13 rigs under construction worth billions of dollars. Sete stopped making payments on the rigs in November 2014 and filed for bankruptcy protection in 2016.

“Now the path is clear, we will look to make Keppel one of Singapore’s best performers again,” the second person close to the matter said. “If we are to compete in shipbuilding, we have to take the giants in Korea and China head on.”

China and South Korea, the world’s two biggest shipbuilders, both are in the process of merging their biggest yards. The combination of China State Shipbuilding Corp. and China Shipbuilding Industry Corp. will create a single entity with more than $110 billion in assets, and South Korea’s Hyundai Heavy Industries Co. would have more than $30 billion in assets after its takeover of Daewoo Shipbuilding & Marine Engineering Co.

  • Coal
22 October 2019

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  • ASEAN

Southeast Asia is the only region in the world where coal has a growing share in the energy mix. But according to new data from San Francisco-based non-governmental organisation Global Energy Monitor (GEM) the signs are that the coal industry is on the wane, even here.

In the first six months of this year, only Indonesia, the world’s fifth biggest producer of the fossil fuel, started to build new coal-fired power plants.

This year is shaping up to be the second in succession in which the regional coal pipeline has narrowed, with 1,500 megawatts (MW) worth of coal power being built in the first half of 2019, after only 2,744 MW entered construction in 2018.

Southeast Asia is home to three of the world’s 10 largest coal power pipelines, but the low rate of new construction suggests that much of this capacity will not be realised, GEM concluded in its report, More fizz than boom.

Coal Plant Construction Starts in Southeast Asia, 2015 to mid-2019 (MW)

Coal plant construction starts in Southeast Asia, 2015 to mid-2019 (megawatts). Image: Global Energy Monitor

Not only is the building of coal plants in decline in Southeast Asia, but the number of plants in the pre-construction stage also continues to fall, declining by 52 per cent between mid-2015 and mid-2019, according to GEM data.

With so few coal projects progressing from pre-construction to construction, if recent trends continue, the report’s authors believe that most of the 53,510 MW in pre-construction is more likely to be cancelled than be built.

Commenting on the data, Ted Nace, executive director of GEM, said that new construction is “the acid test of whether a proposed project is real or just some plans on paper”.

“To go into construction you have to get someone to commit hundreds of millions of dollars. In Southeast Asia, it looks like it’s becoming a difficult case to convince people to commit that kind of money,” he said.

Less enthusiasm for new coal in Southeast Asia is reflected in the reluctance of the region’s banks to fund new plants. In a significant 11 days for coal financing in May this year, all of Southeast Asia’s biggest three banks, Singapore’s OCBC, DBS and UOB, declared that they would stop coal funding after a period of sustained pressure from environmental groups.

Even so, DBS are still involved in a number of coal projects in the region, including the Vung Ang 2 power station in Vietnam. OCBC is the lender for the Nghi Son 2 and Van Phong 1 coal projects in Vietnam, but the bank has said that these will be the last coal projects that it funds. OCBC has confirmed that the bank is not involved in financing the Vung Ang 2 project.

The region’s banks have responded to a global shift away from coal financing, with more than 100 institutions worldwide helping to effect a 20 per cent drop in newly completed coal plants last year.

Though Indonesia stands out this year as Southeast Asia’s only big supporter of new coal, a fall in prices of the commodity prompted Indonesian president Joko Widodo to signal that the country may begin to move away from coal towards renewable energy.

“Coal power is facing something of a perfect storm,” said Christine Shearer, director of GEM’s coal programme. “Communities are rejecting it due to the high levels of pollution, renewable energy technology is undercutting it in terms of quality and cost, and financial institutions are backing away fast, making funding an increasing challenge for coal proponents.”

Burning coal for energy is the single biggest contributor to man-made greenhouse gas emissions, and yet use of the fossil fuel is predicted to double to make up 40 per cent of the energy mix in Southeast Asia—one of the world’s most climate-vulnerable regions—by 2040.

  • Others
22 October 2019

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  • Thailand

Mr. Somkid Jatusripitak, Deputy Prime Minister, on 18 October 2019, presided over the awards presentation ceremony for Thailand Energy Awards 2019, hosted by the Department of Alternative Energy Development and Efficiency (DEDE), Ministry of Energy. Among the awards, Mr. Somkid presented “Energy Support – Association, Organisation, Agency Award” to the Metropolitan Electricity Authority (MEA).

Mr. Wilas Chaloeysat, MEA Deputy Governor, acted as representative of the organisation to receive the award. He also introduced the Prime Minister and his entourage to MEA EV Application technology at the MEA booth. The ceremony was held at Bangkok International Trade & Exhibition Centre, Bangna, Bangkok.

The MEA Deputy Governor revealed that MEA is aware that the energy crisis and environmental problems are deteriorating sharply. He is also aware of the advancement of information technology that is adapting rapidly due to the demands and behaviours of energy consumers.

MEA is a state-owned entity in the energy sector under the Ministry of Interior. As such it aims to promote people to access energy conservation technology which can support daily life. With research and development, it is attempting to push for the first time electric vehicle charging stations for vehicles in 12 spots around metropolitan areas.

The MEA also hosted an academic event to showcase its potential in energy preservation, the MEA EV Application that can be used to search for charging stations and book one. It also assigns experts to present lectures on various occasions to build trust in electric vehicle innovation. It also builds networks to disseminate knowledge and information concerning alternative energy to the general public.

All this is reflected in the Energy Mind Award, MEA Energy Saving Building, Young MEA, and MEA’s use of media to educate people in alternative energy.

MEA is proud to participate in Thailand Energy Awards organised by the Department of Alternative Energy Development and Efficiency (DEDE), Ministry of Energy.

The MEA Deputy went on to say that receiving this award is a confirmation of MEA’s success as a leader in promoting energy conservation. In the future, MEA will continue to be committed as a government agency that drives modern innovation while focusing on supporting energy conservation projects and developing alternative energy to maximise the benefits to the country.

  • Electricity/Power Grid
22 October 2019

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  • Myanmar

Exclusive: A consortium led by China Energy Engineering Group (CEEC) has won the fifth emergency power project put out to tender by the Myanmar government, The Myanmar Times can reveal.

A senior source involved in the energy sector told this newspaper that Beijing-based CEEC, a state-owned energy conglomerate also known as Energy China, had been awarded the bid to set up a 120-megawatt plant in Yangon’s Ahlone township, which would use gas supplied by the government.

Another industry insider confirmed this development.

Earlier this year, CEEC finished building a 119MW gas-fired power plant in Thaton township, southern Mon State.

Attempts to contact CEEC were unsuccessful. The company’s official website has not released information about winning the Ahlone project.

The consortium includes China ITS (Holdings) Co, CEEC’s Hunan Electric Power Design Institute and Shenzhen Shennan Power Gas Turbine Engineering Technique Co and the decision to award the tender was communicated on September 2, according to Chinese media reports.

The energy ministry issued a tender for five emergency power schemes in late June with the ambitious goal of adding 1040MW in new capacity by next summer. Three larger projects – in Rakhine’s Kyaukphyu, Yangon’s Thanlyin and Thaketa – would use imported liquefied natural gas while two smaller one would use gas from the government.

As reported by The Myanmar Times, the other four projects were awarded to a consortium led by Hong Kong-listed VPower, which has close links to Chinese state enterprises CITIC and CRRC. VPower has not disclosed which company it is partnering with.

The energy ministry declined to comment on the emergency power projects, saying that the tender winners have been chosen and that details would be announced in due course.

These projects are tendered to save Myanmar, particularly Yangon, from repeating this year’s serious blackouts when the next hot season arrives, which would be some months before the country heads to the polls.

This emergency move will worsen Yangon’s already bad air pollution, observers warn, putting public health at risk.

Only around 40 percent of Myanmar’s population has access to electricity, with power currently originating from 20 gas-fired and 62 hydropower stations and one coal plant.

The country is facing a growing energy crisis. Power demand is rising by 15-16pc each year. The ministry suggested that this year’s demand has increased further to 19pc.

  • Oil & Gas
21 October 2019

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  • Vietnam

SINGAPORE / ACCESSWIRE / October 21, 2019 / Jadestone Energy Inc. (JSE.L)(JSE.L) (“Jadestone” or the “Company”), an independent oil and gas production company focused on the Asia Pacific region, announces the formal submission of the field development plan (“FDP”), for its Nam Du and U Minh gas fields, offshore southwestern Vietnam, to Vietnam Oil and Gas Group (“Petrovietnam”).

Following receipt of Petrovietnam’s endorsement, the FDP will be considered for approval by the Vietnam Government, expected to be received later this year. Approval from the Government will constitute formal development sanction for the fields.

The Company has recently achieved several project milestones leading up to the FDP submission, including:

● Submission of a formal declaration of commercial discovery for the two fields;

● Finalisation of the bidder selection process for the facilities engineering, procurement, and construction contract, culminating in a binding letter of intent being issued to the successful bidder;

● Selection of a floating production storage and offloading vessel provider, including provisions for leasing, operations, and maintenance, now approved by Petrovietnam;

● Implementation of project management plans for the execution phase of the project, including health, safety and environmental management systems, and staffing the project organisation; and

● Receipt of amended investment licences for both fields’ production sharing contracts, confirming the Company’s working interest in Block 46/07 and Block 51 is now formally registered as 100%.

As of December 31, 2017, the Nam Du and U Minh fields had gross contingent gas resources (2C) of 171.3 bcf. The Company intends to begin a reserves audit process in the coming weeks, which, in addition to details of the final gas sales and purchase agreement (“GSPA”), will establish the 2P reserves the Company will be eligible to record following development sanction and execution of the GSPA.

Paul Blakeley, President and CEO commented:

“We have made significant strides toward our proposed southwest Vietnam gas development, with all key work streams progressing as intended. This is a major growth project for Jadestone and, with the submission of our field development plan, we now have a clear line of sight toward formal development sanction which is expected to be received later this year. In the meantime, our negotiations are progressing well toward finalising a gas sales and purchase agreement in accordance with the heads of agreement signed with Petrovietnam earlier this year.

“The spirit of cooperation between Jadestone and the Vietnamese Government and regulator is strong, and we are working together to swiftly monetise this domestic resource, with targeted first production in late 2021. Nam Du and U Minh offer a material volume of gas for both Jadestone and for Vietnam and, once in production, will be used for existing installed power generation and the manufacturing of fertilisers, thereby directly contributing to Vietnam’s ongoing economic growth and development.”

– Ends –

Enquiries

Jadestone Energy Inc. +65 6324 0359 (Singapore)
Paul Blakeley, President and CEO +1 403 975 6752 (Canada)
Dan Young, CFO [email protected]
Robin Martin, Investor Relations Manager
Stifel Nicolaus Europe Limited (Nomad, Joint Broker) +44 (0) 20 7710 7600 (UK)
Callum Stewart
Nicholas Rhodes
Ashton Clanfield
BMO Capital Markets Limited (Joint Broker) +44 (0) 20 7236 1010 (UK)
Thomas Rider
Jeremy Low
Thomas Hughes
Camarco (Public Relations Advisor) + 44 (0) 203 757 4980 (UK)
Billy Clegg [email protected]
James Crothers

About Jadestone Energy Inc.

Jadestone Energy Inc. is an independent oil and gas company focused on the Asia Pacific region. It has a balanced, low risk, full cycle portfolio of development, production and exploration assets in Australia, Vietnam and the Philippines.

The Company has a 100% operated working interest in Stag and Montara, offshore Australia. Both the Stag and Montara assets include oil producing fields, with further development and exploration potential. The Company has a 100% operated working interest in two gas development blocks in Southwest Vietnam and is partnered with Total in the Philippines where it holds a 25% working interest in the SC56 exploration block.

Led by an experienced management team with a track record of delivery, who were core to the successful growth of Talisman’s business in Asia, the Company is pursuing an acquisition strategy focused on growth and creating value through identifying, acquiring, developing and operating assets throughout the Asia- Pacific region.

Jadestone Energy Inc. is currently listed on the TSXV and AIM. The Company is headquartered in Singapore. For further information on Jadestone please visit www.jadestone-energy.com.

Cautionary statements

Certain statements in this press release are forward-looking statements and information (collectively “forward-looking statements”), within the meaning of the applicable Canadian securities legislation, as well as other applicable international securities laws. The forward-looking statements contained in this press release are forward-looking and not historical facts.

Some of the forward-looking statements may be identified by statements that express, or involve discussions as to expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of phrases such as “will likely result”, “are expected to”, “will continue”, “is anticipated”, “is targeting”, “estimated”, “intend”, “plan”, “guidance”, “objective”, “projection”, “aim”, “goals”, “target”, “schedules”, and “outlook”). In particular, forward-looking statements in this press release include, but are not limited to statements regarding the timing of receiving formal development sanction of Nam Du and U Minh, timing and terms of the gas sales and purchase agreement, volume of gas to be supplied by Nam Du and U Minh, duration of the plateau production period, and targeted timing of first production from the fields.

Because actual results or outcomes could differ materially from those expressed in any forward-looking statements, investors should not place undue reliance on any such forward-looking statements. By their nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, which contribute to the possibility that the predicted outcomes will not occur. Some of these risks, uncertainties and other factors are similar to those faced by other oil and gas companies and some are unique to Jadestone. The forward-looking information contained in this news release speaks only as of the date hereof. The Company does not assume any obligation to publicly update the information, except as may be required pursuant to applicable laws. This announcement contains inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 and is disclosed in accordance with the Company’s obligations under Article 17 of that Regulation.

The technical information contained in this announcement has been prepared in accordance with the March 2007 guidelines endorsed by the Society of Petroleum Engineers, World Petroleum Congress, American Association of Petroleum Geologists and Society of Petroleum Evaluation Engineers Petroleum Resource Management System.

Henning Hoeyland of Jadestone Energy Inc., a Subsurface Manager with a Masters degree in Petroleum Engineering who has been involved in the energy industry for more than 17 years, has read and approved the technical disclosure in this regulatory announcement.

The information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No. 596/2014, and is disclosed in accordance with the Company’s obligations under Article 17 of those Regulations.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Glossary

contingent resources (2C) best estimate scenario of contingent resources
2P reserves sum of proved and probable reserves, denotes the best estimate scenario of reserves
bcf billion cubic feet

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.

  • Coal
21 October 2019

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  • Philippines

Philippine President Rodrigo Duterte has been called out multiple times for the things he says. This time, it is environmentalists standing up to the controversial head of state after he described a coal-fired power plant as “clean.”

On Tuesday, Oct. 15, Duterte led the opening celebration of the 500-megawatt coal-fired power plant of San Buenaventura Power Ltd Co. (SBPL) in Mauban, Quezon province. The plant is meant to provide additional energy supply to the Philippines and boost the government’s infrastructure program. San Buenaventura claims its power plant uses technology that significantly reduces emissions, which led the president to believe that it is clean energy.

“To our friends in the private sector, I ask you to follow the lead of San Buenaventura power by investing in the generation of clean energy,” Duterte said during the event held in Bonifacio Global City.

He also said that his administration is committed to using clean energy to drive the country’s growth.

But environmentalists were quick to point out that the plant will not actually produce clean energy.

Greenpeace campaigner Khevin Yu said in a statement that the organisation “denounces the Philippine government’s backward pro-coal policies.”

“Coal is not clean, not cheap, and not sustainable. It is unfortunate that another coal plant has been inaugurated in the country, by no less than the President who seems to have been misled or misinformed by the coal industry and its ridiculous myth of ‘clean coal’,” Yu said.

According to Greenpeace, coal has long been recognised as the “dirtiest and most carbon-intensive form of fuel for energy generation.”

Coal plants in other parts of the world are now closing after some governments banned them. It’s also an expensive source of energy.

Environmental groups are calling for a shift to wind and solar power.

Spending taxpayer’s money on coal will also aggravate the climate crisis, which already impacts Filipinos. The country is prone to intense heat waves and typhoons.

Netizens were also quick to react to Duterte’s statement and called out the president, with one saying his words were an “oxymoron.”

“Quick, someone brief him on what clean energy actually is,” another tweeted.

SBPL is a limited partnership between MGen, the power generation arm of Metro Manila’s only electric power distributor, Meralco; and New Growth BV, a wholly-owned subsidiary of Thailand’s Electricity Generating Co.

  • Oil & Gas
21 October 2019

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  • Philippines

Thai firm Electricity Generating Public Company Limited (EGCO) is eyeing to invest in a floating storage regasification unit (FSRU) facility for the importation of liquefied natural gas (LNG) into the country.

According to San Buenaventura Power Co. Ltd. (SPBL) General Manager Frank Thiel, the initial target is to invest in a smaller-scale FSRU that could just have a capacity of roughly 200 megawatts.

SBPL is one of the corporate vehicles of EGCO on its power plant investments in the Philippines. It also owns the Quezon Power plant which is sited just beside San Buenaventura power facility, which started commercial operation recently.

Thiel indicated the company is in preliminary discussion with prospective FSRU supplier Excelerate Energy, an American company that was recently accorded with notice-to-proceed (NTP) on its planned LNG facility by the Department of Energy.

With the US firm’s NTP already granted by the government, it is seen that development prospects could already be easier once it firms up arrangement with prospective co-venture partners.

Thiel qualified that the gas facility’s siting is still being studied, but he said the primary anchor for such investment would be to provide flexibility in the targeted array of renewable energy (RE) installations in the country.
Gas is perceived as the “best match” to the dilemmas of some RE sources – primarily solar and wind – because gas technology’s fast ramp-up capability could take on the on-and-off generation of these RE technologies.

LNG is the next development domain the Thai firm has been eyeing for other projects in the Philippine energy sector – following its foray into coal-fired power facilities and targeted plunge also into renewable energy installations, primarily in the solar sector.

With its San Buenaventura and Quezon Power facilities, EGCO and partners have already poured in capital in the country for roughly 1,000 megawatts of capacity that have been contributing to the capacity being wheeled to the Luzon grid.

The energy department had given go-signal for investments in FSRU and onshore LNG import terminals, as it has been lining up these ventures as replacement to the much-anticipated decline and end of production at the Malampaya field of which service contract will lapse in 2024.

  • Energy-Climate & Environment
21 October 2019

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  • Singapore

SINGAPORE: Singapore is “pushing the boundaries” and developing new ways to transition to a “low-carbon future”, as it continues efforts to mitigate climate change, said Minister for the Environment and Water Resources Masagos Zulkifli on Monday (Oct 21).

In a speech ahead of an Intergovernmental Panel on Climate Change (IPCC) meeting, Mr Masagos said that besides being the first country in Southeast Asia to introduce a carbon tax, Singapore has also made “hefty investments” into research and development for solutions to decarbonise its grid, industries, and even buildings.

In addition, Singapore is also studying the potential of “clean fuels” such as hydrogen, as well as carbon capture, utilisation and storage, he added.

Hosted in Singapore for the first time, the IPCC Scoping Meeting for the Synthesis Report of the Sixth Assessment Report (AR6) will see 80 experts from 38 countries as well as IPCC bureau members come together to develop an outline for an upcoming report.

The report, due for release in 2022, will provide countries with information to develop their climate policies.

“Singapore is clear-eyed about our vulnerabilities, but we can face the future with confidence, for we know we are taking early, decisive action that is underpinned by robust science,” said Mr Masagos. “This is why Singapore strongly supports the work of the IPCC, as the leading international body for the scientific assessment of climate change.”

The IPCC is an intergovernmental body of the United Nations. The AR6 meeting, which concludes on Wednesday, will be followed by the 57th Session of the IPCC Bureau, a meeting of one of the highest bodies in the organisational structure of the IPCC.

NOT “PARALYSED BY DESPAIR”

Despite Singapore already experiencing the effects of climate change, it has not been “paralysed by despair”, said Mr Masagos.

“Since our early days as a fledgling nation facing great odds, Singapore has always faced our problems squarely. We even found ways to turn a challenge into an opportunity,” he pointed out.

As such, Singapore has been taking “early action” and stepping up efforts to mitigate and adapt to climate change, said Mr Masagos. This is in spite of the fact that it has very limited sources of renewables apart from solar energy, he noted.

“We knew early on we cannot continue with business as usual,” explained Mr Masagos.

READ: ‘Time is running out’: Tackling climate change a priority for Singapore, says Masagos

Given that Singapore’s carbon tax is without exemptions for any industry or sector, it sends a “crucial economy-wide price signal” to cut emissions, he added.

Said Mr Masagos: “The tax is not raised for fiscal purposes and we are prepared to spend more than the estimated S$1 billion in carbon tax revenues collected in the initial years, to incentivise and support companies in their transition towards green, carbon-efficient technologies.”

In addition, S$900 million has been set aside for the Urban Solutions and Sustainability domain under Singapore’s national Research, Innovation and Enterprise plan.

“We welcome multi-disciplinary collaboration to discover new knowledge and solutions across areas such as water and food supply resilience, urban mobility, energy and land management,” explained Mr Masagos.

Singapore has also diversified into “weather-resilient” sources of water such as NEWater and desalinated water and is also looking at the possibility of generating energy from water.

“Energy has become central to our water resilience. PUB – Singapore’s National Water Agency – is therefore studying the potential of generating energy through water,” said Mr Masagos.

“Blue energy, or osmotic energy, arises from the salinity gradient across water streams. With the co-location of our NEWater and desalination plants, we could recover blue energy from the plants’ waste brine streams. The pilot projects will demonstrate the potential in harnessing water-waste- and energy synergies.

“If PUB succeeds, we will one day be producing energy from water even whilst we produce water from energy.”

THE “DEFINING ISSUE OF OUR TIMES”

Given that climate change cannot be reversed completely, adaption also has to take “equal importance”, said Mr Masagos.

READ: NDR 2019: It could cost S$100 billion or more to protect Singapore against rising sea levels, PM Lee says

To adapt to climate change, Singapore’s plans will incorporate nature-based solutions, explained Mr Masagos.

“To boost our natural defences such as mangroves, we take both hard and soft engineering approaches to mitigate coastal erosion and actively restore our mangrove areas,” he said. “Beyond coastal protection, we integrate nature-based solutions into our city planning.”

Over the years, Singapore has planted more than two million trees, and built more than 350 parks and four nature reserves, he pointed out.

Under the Forest Restoration Action Plan, an additional 250,000 native trees and shrubs will be planted.

He said: “The benefits are multi-fold – this will support our biodiversity, and importantly, further drive climate mitigation and strengthen our resilience.”

While Singapore contributes only 0.11 per cent of global emissions, it will continue to support the global effort to tackle climate change, said Mr Masagos.

He said: “Singapore too needs to work hard to curb our carbon emissions growth so that we can peak and stabilise our emissions around 2030. This is a stretch target as we have limited access to clean energy – we are a small and highly urbanised city state – but we will not let up.”

Singapore’s policies must be “evidence-based”, stressed Mr Masagos. This is why it is supportive of the IPCC, and makes use of its assessment reports and publications in developing climate change projections and policy responses.

“In today’s world where the discourse on climate change has become politically heightened, the IPCC’s role is even more critical in imbuing greater objectivity and scientific rigour in our dialogues and policy choices,” he added.

“Robust, credible and objective” scientific assessments also form the “cornerstone” of Singapore’s climate change strategy, said Mr Masagos.

This meant the establishing of the Centre for Climate Research Singapore (CCRS) in 2013. A new Programme Office in CCRS will also be set up next year and it will oversee the recently launched National Sea Level Programme.

Climate change remains the “defining issue of our times”, stressed Mr Masagos. This is recognised by people across the globe, as seen by the climate strikes and rallies held last month, he added.

“We must not take our eyes off the long-term, existential challenge of climate change. Otherwise, citizens will take their cause to the streets and reason will fail to rule,” he said.

“Citizens around the world have come to recognise climate change for what it is – the defining issue of our times … Young people are rightly concerned about climate change and how this impacts their future. We have to give them the confidence that we are taking their concerns seriously.

“It is our responsibility to work together with them to address this challenge.”

Read more at https://www.channelnewsasia.com/news/singapore/climate-change-threat-singapore-masagos-ipcc-12020762

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