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SINGAPORE: A long-term challenge to Singapore will be balancing energy demands with economic growth.
Trade and Industry Minister Lim Hng Kiang said in a speech on Monday that growth in Asia has raised energy consumption demands and carbon emissions.
He said the challenge for the government is to balance economic growth and competitiveness with managing the impact on environment.
Given that alternative energy options like wind and hydroelectric power are not available to Singapore, other solutions need to be explored. Solar energy, for the moment, is still considered to be too costly.
He also said that diversified energy sources are needed to protect the country from price and supply fluctuations, and to ensure continued economic growth.
"It is in such a context that we have to promote energy efficiency and conservation efforts, introduce competition and contestability in our energy and electricity markets, and build up our energy industry, especially in the areas of trading infrastructure and research and development," said Mr Lim.
- CNA/so
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