3 main trends of the energy industry in the future
At the Vietnam – Singapore Senior Governance Forum with the theme "Improving resilience, strategic planning and execution in the new normal - Experiences from Singapore for the energy industry" held recently, Mr. Wong Kim Yin - Chairman, General Director of Sembcorp Group pointed out 3 trends that are certain to happen in the future for the energy industry, including: Renewable energy dominates in the decarbonization power industry, electricity demand increases due to decarbonization of trucking and the economic hub's shift to Asia.
The forum took place in an virtual form with the participation of more than 50 senior leaders from leading corporations in Vietnam and Singapore
Sharing the same view, Associate Professor Vu Minh Khuong - National University of Singapore also commented that the future world energy trend will focus on sustainable and renewable energy, applying new technologies such as solar power, digital conversion, combination of floating solar energy and hydroelectricity...
According to Associate Professor Vu Minh Khuong, the energy structure in the next 10 years will change due to the impact of the pandemic as well as the adjustment of policies and sustainability while recovering. Based on the slow recovery scenario (DRS) of the energy industry recently announced by the International Energy Agency (IEA), Mr. Khuong said that global electricity demand will decrease by 6% in 2030 mainly due to the drop in economic growth after a long time and then wind power and solar power will supplement to reduce fluctuations in electricity production.
Strategy in the "new normal" for Vietnamese businesses
According to the assessment of the speakers, in the past time, Vietnam is struggling with the 4th wave of epidemic outbreaks on a large scale, affecting production and business activities of industries in general and the energy industry in particular, requires businesses to quickly make adapting solutions.
In fact, during the long period of the pandemic, Singapore has been ranked first in the ranking of post-Covid-19 resilience. To do so, Mr. Douglas Foo - Chairman of the Federation of Singapore Manufacturing said: Singapore businesses have continuously adjusted to adapt to the new reality; continually evaluate and revise crisis management plans to prepare for different risk scenarios; consider how to mitigate the potential impact of sales declines, poor forecasts, and revenue declines in the new normal… “We've taken the 'Digital Transformation' strategy as the backbone to break through, simultaneously supply chain diversification by taking advantage of a new generation of free trade agreements (FTAs) such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the Regional Comprehensive Economic Partnership (RCEP)…”- Mr. Douglas Foo emphasized.
With the experience of overcoming the crisis, Mr. Wong Kim Yin - Chairman, General Director of Sembcorp Group shared, over the past time, Sembcorp has transformed into an investment portfolio from "Brown to Green" and transformed many aspects such as management, capital, human resources, partners, stakeholders… He hopes that Sembcorp's experiences will help Vietnam's energy industry in the future. “We hope to join hands with Vietnam to accelerate the energy transition through improving the efficiency of the power system, renewable energy cooperation, technology and capacity transfer” - Mr. Wong Kim Yin said.