Angel Hsu vs Lee Hsien Loong on the matter of climate change- Singapore's year of flirting dangerously with the climate change fad crashes into reality

by Ganesh Sahathevan

Rationalise this:Having spent billions on the Jurong Rock Cavern Oil Storage facility, it is hard to see how Singapore is going to participate in any way in anything that is going to harm the global trade in oil, gas and derivates.

Singapore Prime Minister Lee Hsien Loong  in a speech at the opening of Exxon Mobil’s new facility in Singapore in 2015: 

“The energy and chemicals industry is a major carbon emitter worldwide. It is the nature of the industry....We must reduce our emissions, both of greenhouse gases as well as other more local pollutants..... “But at the same time, I want to assure all the energy and petrochemicals companies here that the Singapore government stands fully behind them and will continue to help them to succeed.”

Angel Hsu , Assistant Professor of Social Sciences (Environmental Studies) at Yale-NUS College commentary published on the Channel News Asia website:

We can continue to reject plastic straws, but to significantly reduce its greenhouse gas emissions and future-proof its economy, Singapore must adopt a strategy to shift its reliance on the petroleum and refinery industry.

Associate Professor Hsu's commentary comes at the end of a year in which Singapore media has had much to say about climate change. Much of the reporting and commentary seems to have avoided the not so small matter of Singapore's proposed climate change policies on its USD 80 Billion oil and gas sector (see story below).

Regardless, Professor Hsu has said it, CNA has published it, and finally the flirtation with climate change has crashed into the reality of business and livelihoods.

This writer looks forward to more excitement in the coming weeks, months and year.

END 

Wednesday, December 11, 2019

Singapore's oil and gas sector is worth USD 80 Billion, but it's actively pursuing "climate change" strategies-Is anyone in its ruthlessly pragmatic administration thinking of the costs, to the industry and other related parts of the Singapore economy?

by Ganesh Sahathevan





Singapore Prime Minister Lee Hsien Loong delivers a speech during the Climate Action Summit at the United Nations headquarters in New York on Sept 23, 2019.PHOTO: PRIME MINISTER'S OFFICE


Singapore's ruthlessly  pragmatic PAP Government has jumped on the climate change bandwagon.
Speaking at the UN PM Lee Hsien Loong declared that Singapore will do its full part to mitigate climate change.Speaking at the 2019 National Day Rally Lee declared that climate change was one of the 

'gravest challenges facing mankind'.

"Doing its full part" will mean curbing the oil and gas sector which in 2019 is estimated to be worth USD 80 Billion (see table below)

The oil industry makes up 5 per cent of Singapore's GDP, with Singapore being one of the top three export refining centres in the world. In 2007 it exported 68.1 million tonnes of oil. The oil industry has led to the promotion of the chemical industry as well as oil and gas equipment manufacturing.^[80] Singapore has 70 per cent of the world market for both jack-up rigs and for the conversion of Floating Production Storage Offloading units. It has 20 per cent of the world market for ship repair, and in 2008 the marine and offshore industry employed almost 70,000 workers.^[81]

The sector provides cash for the financial services industry, so the impact of doing its "full part" would be in excess of what has been described above.

Clearly, the loss of luxury homes in Sentosa Cove at some point in the future is not the only cost that Singaporeans need to be concerned about:

Source: Climate Central

The immediate costs of jumping on the climate change bandwagon are likely to cause greater damage.

END

Singapore - Oil and Gas

This is a best prospect industry sector for this country. Includes a market overview and trade data.

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Last Published: 6/13/2019

Overview

	2016	2017	2018	2019 (estimated)
Total Market Size	72,149	77,126	81,984	80,000
Local Production	43,938	57,362	51,734	50,000
Exports	52,483	62,954	56,629	55,000
Imports	60,827	82,719	86,879	85,000
Import from U.S.	1,809	2,758	3,834	3,300
Exchange Rate: 1USD	1.38	1.38	1.35	1.35

$US millions (total market size = (total local production + imports) - exports)
Data Sources: Singapore Government Trade Statistics