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SINGAPORE : Some companies are looking to tap into increased demand from governments for more sustainable and efficient energy solutions - such as having smart grids for industry and consumers.
Just this week, Indonesia announced plans to pump some US$1 billion into a green investment fund.
US$100 million of the fund will come from Indonesia's sovereign wealth fund, while the remaining $900 million will be from foreign governments.
The fund, which aims to drive infrastructure spending and cut emissions, will help Indonesia in its effort to reduce emissions by 26 per cent by 2020.
In Singapore, local firm Shaspa is developing smart grid technologies to tap into the carbon footprint reduction market.
The firm's technology focuses on energy reduction. For example, on an individual basis, consumers can remotely monitor and control the energy usage in their house, such as switching on lights and air-conditioning via their mobile phone.
Kenneth Lee, managing director, Shaspa, said: "We have had educational institutions who wanted to use this technology to teach students. We have had interest from local financial institutions, we have had interest from multinational companies who are looking at reducing their carbon footprint on a global basis.
"And they see that our solutions can quite easily measure, quantify, and build a carbon footprint, and from there identify the opportunity for reducing energy on a global basis."
The firm develops other low-energy devices such as a cableless hotel card lock which is run on kinetic energy. And by bringing such new devices to the market, the firm is expecting aggressive growth in the coming years.
Mr Lee said: "I think there is very good potential for smart grid technology. This is primarily because our current infrastructure, our current metering infrastructure has been the same for the last 50, 60, 70 years.
"So technology has reached a point where it is now feasible and viable to deliver smart grids to countries. So the potential is not just great in Singapore but across the globe. Today, utilities and governments are looking at this technology."
Shaspa launched its business in Singapore last November. It expects growth of around 200 per cent to 300 per cent in the next few years given its current pipeline of projects and demand in the region. - CNA/ms
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