Singapore must help lead change in oil sector

THE end of the oil and gas industry as we know it has been predicted for many years as the planet turns towards renewables. What is little known, however, is that green energy's appeal isn't just environmental: it's also economic. A recent aggregation of industry research based on data from the UN Environment agency indicates that by 2020, renewables will be cheaper than fossil fuels in many G20 countries.

What does this mean for Singapore - one of the world's leading oil trading and refining hubs and a global leader in offshore and marine engineering, which relies on the oil and gas sector for around 5 per cent of its gross domestic product?

After several rough years, the temptation might be to enjoy the recent burgeoning oil prices and rising demand. But these mask serious challenges for the global energy industry.