Singapore must act decisively to safeguard energy security

PAUL CHEUNG and QUAH SAY JYE

Russia's invasion of Ukraine has caused chaos in international energy markets, sparking a global rethink of the fundamentals of energy security. As European Commission president Ursula von der Leyen stated, “We simply cannot rely on a supplier who explicitly threatens us.”

This has led to the rediscovery of the importance of locally-produced and owned energy. Special attention has been given to renewable energy, as the European Union has said that it will do “whatever it takes” to rebuild solar energy manufacturing locally, and is looking to increase its renewable energy targets.