The Singapore Economic Development Board (E.D.B.) will invest 680 million Singapore dollars (483.3 million U.S. dollars) over the next five years to build a clean technology ecosystem as part of its plan to make Singapore a global research and development hub.
This funding is expected to create a more favorable environment for enhancing innovative research, field technology testing, and commercialization within Singapore's solar energy industry.
The board has allocated 350 million Singapore dollars from the total investment for the development of the country's clean energy sector, particularly in solar energy. For companies looking to enter the Asian solar market, Singapore offers a prime geographical location due to its tropical climate.
For example, due to strong government support and predictable technological capabilities, Suntech Power (NYSE: STP) intends to expand its operations in Singapore. The Bosch Group has also opened a new headquarters in Singapore to better manage its recently acquired companies in Southeast Asia.
The board stated that in addition to the synergy Singapore possesses in leading the Asian solar market, the country also has the capability to manufacture solar wafers, cells, and modules. These factors will position Singapore at the forefront of the solar energy industry.
“We will use this funding to enhance our research capabilities and gradually establish several research and development centers,” Govmonitor quoted Goh Chee Kiong, Head of Clean Technology at the E.D.B., as saying.
The official praised one of the most comprehensive solar research centers in Asia—the Solar Energy Research Institute of Singapore (SERIS) located at the National University of Singapore. This solar research center will help Singapore explore innovative methods to utilize solar energy more economically.
Additionally, Mr. Goh stated that the funding will also be used to improve the capabilities and quality of practitioners to address the labor shortage in the solar energy industry.
Meanwhile, the remaining 330 million Singapore dollars of the E.D.B. fund will be used to develop water resource and waste management solutions.
This E.D.B. initiative is part of a national plan announced by the Singapore government in September 2009, which will invest 1 billion Singapore dollars to make Singapore greener and more energy-efficient by 2015.
The Sustainable Singapore Development Council has set ambitious goals for the country, such as improving energy efficiency by 35% and increasing the recycling rate to 70% by 2030.
The council has also earmarked approximately 700 million Singapore dollars to develop other clean technologies and 3.4 billion Singapore dollars to increase the country's economic exports, while planning to create 18,000 green jobs by 2015.
