The Potential for Energy Savings Firms in Singapore Essay

The Potential for Energy Savings Firms in Singapore - Essay Example Singapore is one of the largest oil refiners in the world. It has a distinction of being the world’s busiest bunkering port and the world’s third-largest oil trader. The Asia Pacific oil prices are set by the Singapore oil price. Singapore has to buy all the oil resources needed for the country from abroad. Like any other country, Singapore is also facing the challenge to the sustained energy resources supply. Since the country depends solely on imported oil and gas for its energy needs, Singapore is highly vulnerable to the risk of loss of supply. The competition for energy resources between nations is tightening day by day. Hence the requirement of energy security is very crucial for the country. In the national energy policy report, Lim HNG Kiang, the Minister for trade and industry of the Singapore Government, says that â€Å"Moving forward, we need a holistic national energy policy framework to meet our objectives of economic competitiveness energy security and environmental sustainability. As a small island state with limited indigenous resources, a strong and growing economy is our best defense against high energy prices and climate change.†Ã‚   The Singapore’s energy system is largely based on imported oil and natural gas. In order to sustain their economic growth and support civilization, Singapore must take serious consideration of their energy sector and should have a clear view on energy security. There is a need to become more energy efficient. Alternative resources for energy can be utilized by Singapore, but the resources are limited. Turning to nuclear energy like major countries in the world is not easily possible for the small island city nation. For that, they should consider oceanic nuclear power plants in international waters. Biofuel and solar energy are the other two alternatives for Singapore’s energy sector.