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EMA awards S$23m to three firms for energy efficiency projects
A TOTAL of S$23 million has been awarded by the Energy Market Authority (EMA) to three power generation companies for them to embark on energy efficiency projects that will reduce their carbon emissions.
The three firms are Senoko Energy, Tuas Power Generation and YTL PowerSeraya, EMA announced on Tuesday, adding that the projects will be implemented from now till 2024.
Upon completion, the projects are expected to achieve an annual carbon reduction of over 30 kilo tonnes per annum, or the equivalent of taking about 9,200 cars off the roads annually, the authority said.
The grants are part of the Genco Energy Efficiency Grant Call, under the Enhanced Industry Energy Efficiency Package, that will co-fund up to 50 per cent of energy efficiency projects by power generation companies.
The grants awarded correspond to the carbon abatement achieved through the respective projects, subject to a cap of up to 50 per cent of the project's qualifying costs, EMA noted.
The second run of the Genco Energy Efficiency Grant Call will be launched next January.
Said Ngiam Shih Chun, EMA's chief executive: "Lowering our carbon emissions by promoting greater energy efficiency within our power generation sector is critical in our fight against climate change.
"We are heartened by the power generation companies' efforts to be more energy efficient and will continue working with them towards a more sustainable energy future."
Separately on Tuesday, Engie Factory, the venture arm of French multinational electric utility firm Engie, announced that it is collaborating with the Singapore Economic Development Board (EDB) New Ventures group to launch a portfolio of new zero-carbon startups over the next three years.
Both parties have signed a memorandum of understanding which aims to establish Singapore as a hub for sustainability innovation in Asia, by creating new ventures that will help businesses "decarbonise more quickly and profitably", Engie said.
Since the launch of its venture build programme in 2019, Engie Factory has initiated seven new ventures and tested 10 technology solutions from existing startups, it noted.
In response to queries by The Business Times on Tuesday, Engie said it intends to launch two cohorts of its venture build programme per year, and run at least two venture validations for each cohort, following the latest partnership with EDB.
Startup founders will be selected ahead of launching a cohort. Engie will also bring in a specialised team and venture opportunities to ideate on and validate, it said. Some of these ventures will be in Singapore, while others will be in neighbouring markets, the firm added.
Engie's founder recruitment campaign is open and applications for its cohort starting next March will close on Dec 11.
Added Quentin Vaquette, founder and managing director of Engie Factory: "Our mission is to build the next generation in sustainability ventures that accelerate the transition to zero carbon, using profitable business models and by solving problems customers really care about."