Yip Hon Weng on Energy Transition Measures and Other Amendments Bill
Innovation is vital but must come with guardrails, said MP Yip Hon Weng in Parliament on Monday (Sep 9). Referring to the Government’s planned Future Energy Fund, he called it “promising” but added that Singapore must tread carefully with investments in untested technologies. He asked what safeguards are in place and how projects will be selected for funding. Mr Yip also said transitioning to low-carbon energy must not come at the expense of social equity. He asked how vulnerable households will be protected from rising energy costs. He also raised concerns about potential market distortion or monopolistic behaviour in giving the Energy Market Authority expanded oversight to direct key facilities. Finally, he said regular reviews will be needed to ensure that the legislation remains adaptable and relevant as technology advances.
Innovation is vital but must come with guardrails, said MP Yip Hon Weng in Parliament on Monday (Sep 9). Referring to the Government’s planned Future Energy Fund, he called it “promising” but added that Singapore must tread carefully with investments in untested technologies. He asked what safeguards are in place and how projects will be selected for funding. Mr Yip also said transitioning to low-carbon energy must not come at the expense of social equity. He asked how vulnerable households will be protected from rising energy costs. He also raised concerns about potential market distortion or monopolistic behaviour in giving the Energy Market Authority expanded oversight to direct key facilities. Finally, he said regular reviews will be needed to ensure that the legislation remains adaptable and relevant as technology advances.
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