The companies are also injecting more capital into the energy transition.
Singapore is spearheading the shift to renewable energy in the Asia Pacific, with 30% of companies saying they are sourcing over half their energy from low-carbon sources.
According to a survey by ABB’s Energy Industries division, this data is even higher than the 25% logged for the region. This indicates that businesses in the city-state are accelerating their efforts to integrate clean energy into their operations.
“Looking ahead, 82% expect to increase their renewable energy use by more than 20% in the next five years (compared to 77% regionally), underscoring a strong pipeline of demand that will help advance Singapore’s decarbonisation goals,” ABB said.
The survey also found that Singapore companies are putting more capital into energy transition, with 68% planning to allocate over 10% of their capital expenditure to related initiatives over the next five years. In the near term, 26% expect investment in transition efforts to increase by over 50% in the coming year, compared to 19% regionally.
Artificial intelligence is seen as a critical tool in this transition, with 78% of companies underscoring strong local confidence and an opportunity for companies to leverage this for data-driven energy management, accelerate investment in smart grid solutions and support interoperability.
Furthermore, 35% said they prioritise automation, 34% digitalisation for operational transformation, whilst 31% said electrification is driving decarbonisation and progress toward net-zero goals.
ABB said solar is poised to lead Singapore’s energy transition, with 75% of respondents already using this as a main source of renewable energy which is even higher than 73% in APAC.
“Looking ahead, Singapore companies view solar (60%), green hydrogen (46%), and wind (42%) as the top three ‘game changers’ for renewables over the next five years, signalling optimism for emerging low-carbon technologies beyond solar,” ABB said.
