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Special RepoRt 18 THE GRADUATE Jul-Sep 2011 encouraging sustainable development is among some of the ways the Singapore government is embracing to mitigate the energy challenges ahead. By Khalil adis Sustaining Singapore’s Future
the global drive for sustainable development and the urgency to look for alternative forms of energy have never been greatly felt until the global economic downturn took the world by surprise in 2008. During the Lehman Brothers’ era crisis, oil prices fluctuated significantly causing much uncertainty in the energy market. A Bloomberg news report, for instance, showed oil prices reaching a high of US$147 a barrel in July 2008 before dipping to $32 a barrel in December 2008. By October 2009, oil prices had finally stabilised and established a trading range of between $60 and $80. Nevertheless, global uncertainties still remain. Fresh from a post-Iraq war era, oil rich Middle East continues to be a volatile region. Meanwhile fossil fuels are rapidly depleting in supply. For a vulnerable and small country like Singapore, the search for alternative and renewable energy sources is no longer an option. Government’s initiative to tackle energy challenges With no natural resources and hinterland to fall back on, Singapore took a bold step in January 2008 to formulate a national strategy for Singapore’s sustainable development. The government set up the Inter- Ministerial Committee on Sustainable Development (IMCSD) to prepare the country to avert similar scenarios in the near future. It did this in the context of emerging domestic and global challenges. The IMCSD was co-chaired by former National Development Minister Mah Bow Tan and former Environment and Water Resources Minister Dr Yaacob Ibrahim. Their portfolios have since been taken over by Ministers Khaw Boon Wan and Vivian Balakrishnan respectively. IMCSD’s members include the Ministry of Finance, Ministry of Transport and Ministry of Trade & Industry. “Today many of us are concerned about higher fuel prices and everincreasing demand for resources. While we must tackle these important issues, the uncertainties remind us that we cannot just look at our present needs, but should think ahead to secure our future. Singapore is our home, not just for the current but also future generations,” says former National Development Minister Mah Bow Tan. Special RepoRt New sustainable blueprint launched Indeed, the recession in 2008 was the worst ever to hit our shore since independence. For the first time, the city-state had to dig deep into its reserves to weather the storm and to keep its economy afloat. The Inter-Ministerial Committee on Sustainable Development has come up with various strategies and initiatives that it believes are needed for Singapore to achieve both economic growth and a good living environment for the next two decades. “Today many of us are concerned about higher fuel prices and everincreasing demand for resources. While we must tackle these important issues, the uncertainties remind us that we cannot just look at our present needs, but should think ahead to secure our future. Singapore is our home, not just for the current but also future generations.” Mah Bow tan Former National Development Minister Jul-Sep 2011 THE GRADUATE 19
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NUss Distinguished & outstanding Member Awards

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