Panel Discussion on the Smart Energy Economy

The panel discussion on the Economic Strategies Committee’s (ESC) recent recommendations for a Smart Energy Economy, was held this morning at NUS. The panelists include:

• Prof. Linda Yuen-Ching Lim: Professor of Strategy at the Stephen M. Ross School of Business at the University of Michigan
• Dr. Natasha Hamilton-Hart: Associate Professor and Deputy Head in the Southeast Asian Studies Programme of the National University of Singapore
• Dr. Tilak Doshi: Chief Economist and Principal Fellow at the Energy Studies Institute
• Dr. Cheng-Guan Michael Quah: Chief Scientist and Principal Fellow at the Energy Studies Institute

The panelists provided their frank views on the ESC recommendations and report, both good and bad. Some of the key views include:

Timid and Bounded

Dr Natasha called the report timid while Dr Michael called it bounded. Dr Natasha said that some of the recommendations were already what the government has been doing for decades. It also fails to look at the reality of some problems, including the income inequality of the rich and poor. Dr Michael said that there were no stretch goals and the KPIs were achievable. There is a need to create new thinking, look forward and keep pushing the boundaries.

Lack of Integration

Prof Linda said that there is a lack of a holistic approach to integrate all the strategies. Manufacturing, tourism or other sectors, and energy can’t be looked at separately. There is a need to integrate our energy strategy across the different sectors. The government is at a competitive advantage as it can do things other government can’t do easily.

Culture Change

Dr Michael highlighted the importance of culture change and a different kind of lifestyle while Dr Tilak spoke about the role of behaviour economics. Prof Linda commented on the difference between energy conservation and energy efficiency. There is a need to reduce our absolute energy consumption if we talk about energy security. Steps have to be taken to reduce our energy dependency and prepare for higher energy prices.

A Smart Energy Economy: Panel Discussion on ESC’s Recommendations on Energy Resilience and Sustainable Growth

Venue: National University of Singapore, The Auditorium, University Hall, Lee Kong Chian Wing, Level 2, 21 Lower Kent Ridge Road, Singapore 119077

Join the panel discussion on the Economic Strategies Committee’s (ESC) recent recommendations on Energy Resilience and Sustainable Growth, moderated by Jessica Cheam, Correspondent, Straits Times, Money Desk. The panelists include:

• Prof. Linda Yuen-Ching Lim: Professor of Strategy at the Stephen M. Ross School of Business at the University of Michigan
• Dr. Natasha Hamilton-Hart: Associate Professor and Deputy Head in the Southeast Asian Studies Programme of the National University of Singapore
• Dr. Tilak Doshi: Chief Economist and Principal Fellow at the Energy Studies Institute
• Dr. Cheng-Guan Michael Quah: Chief Scientist and Principal Fellow at the Energy Studies Institute

Visit the Energy Studies Institute (ESI) website for details and registration.

ESC Sub-Committee on Energy Resilience and Sustainable Growth

The Economic Strategies Committee (ESC) Sub-Committee on Energy Resilience and Sustainable Growth has published its detailed report on its aim to:

recommend strategies to achieve our national energy objectives: economic competitiveness, energy security and environmental sustainability.

Here are the 5 strategies and 11 recommendations to help Singapore build a Smart Energy Economy:

Strategy 1: Diversifying our Energy Sources

1. Allow entry of new energy options on a market basis

2. Develop renewable energy sources

3. Study the feasibility of the nuclear energy option and develop expertise in nuclear energy technologies

Strategy 2: Enhancing Infrastructure and Systems

4. Invest in critical energy infrastructure ahead of demand

5. Develop Jurong Island as an energy-optimised industrial cluster

Strategy 3: Increasing Energy Efficiency

6. Promote energy efficiency for buildings, industry and in homes

7. Support clean and efficient technologies in transportation

Strategy 4: Strengthening the Green Economy

8. Establish energy as a key national R&D priority

9. Build capabilities for the green economy

10. Apply a green lens to government procurement

Strategy 5: Pricing Energy Right

11. Price energy to reflect its total cost

Recommendations and Strategies by the Economic Strategies Committee

The Economic Strategies Committee (ESC) has completed its work and has submitted the report of its key recommendations to the Prime Minister. The report is released today and can be downloaded at the ESC website.

The ESC was formed in May 2009 to:

develop strategies for Singapore to build capabilities and maximise opportunities as a global city in a new world environment, so as to achieve sustained and inclusive growth.

The ESC is chaired by Tharman Shanmugaratnam, Minister for Finance, and comprises members from the government, the labour movement, the private sector as well as academia.

Key Recommendations:

We must achieve higher productivity growth of 2 to 3 percent per year, enabling our GDP to grow on average by 3 to 5 percent per year over the next decade.

Increased productivity is not achieved merely through increased efficiency, but restructuring our economy to provide more room for rapidly growing and innovative enterprises.

7 Key Strategies:

1. Growing through skills and innovation
2. Anchor Singapore as a Global-Asia Hub
3. Build a Vibrant and Diverse Corporate Ecosystem
4. Make Innovation Pervasive, and Strengthen Commercialisation of R&D
5. Become a Smart Energy Economy
6. Enhance Land Productivity to Secure Future Growth
7. Build a Distinctive Global City and an Endearing Home

Here’s the ESC’s recommendations on Smart Energy Economy in the report: Read more