Singapore set up a new energy research and development (R&D) fund on Monday to realize new energy technologies.
This 25 million Singapore dollars (17 million U.S. dollars) fund, to be spent over the next five years, will provide financial support and help spur the creation of a more conducive environment to implement new energy solutions.
This was announced by Singapore's Trade and Industry Minister Lim Hng Kiang at the first day of the country's inaugural International Energy Week.
It's part of Singapore's on-going commitment to "invest heavily to find new approaches in response to the energy challenge", said Lim.
This fund will be allocated to projects on a smaller scale initially, to pave the way for larger scale adoption once the energy solutions have proven feasible.
At the same day, Singapore's Senior Minister of State for Trade and Industry S. Iswaran separately announced the set up of a Denmark firm Vestas' Global Wind Technology R&D Center in Singapore.
The company has committed 500 million Singapore dollars of investments in Singapore over the next 10 years. It will employing over 100 research scientists and engineers by the end of this year, and the team is expected to grow to about 300 by 2012.
Singapore has identified clean energy as a key growth area for its economy, then has invested heavily in energy R&D. According to Iswaran, the government has committed a total of 350 million Singapore dollars towards developing R&D and manpower capabilities for the clean energy sector.
"Moving forward, we believe the clean energy industry will evolve to be a key growth pillar for Singapore's economy," said Iswaran, adding, "The opening of Vestas' Global Wind Technology R&D Center today is a significant milestone in our efforts to further develop our nascent but growing clean energy industry."
Singapore is hosting International Energy Week for the first time, which serves as a platform for international and regional policy-makers, academics and industry players in the energy sector to share their ideas and strategize energy options for the future.
In the week, some 2,500 participants will attends various conferences, exhibitions seminars and workshops. About 400 delegates are expected to attend the Singapore Energy Conference themed "Powering Cities of the Future."
Source:Xinhua
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