International Partnership for Hydrogen and Fuel Cells in the Economy

- Singapore's National Hydrogen Strategy (October 2022)

Updated March 2024 In December 2023, the Monetary Authority of Singapore (MAS) launched the Singapore-Asia Taxonomy which sets out detailed thresholds and criteria for defining green and transition activities that contribute to climate change and mitigation across eight focus sectors. The Singapore-Asia Taxonomy is the first taxonomy globally to pioneer the concept of a “transition” category. This is in recognition of the need to properly contextualise “transition” for the Asian region. The transition activities are comprehensively defined through two new approaches: 1. A traffic light system that defines green,transition and ineligible activities across eight focus sectors. “Transition” refers to activities that do not meet the green thresholds now but are on a pathway to net zero or contributing to net zero outcomes. 2. A “measures-based approach” that seeks to encourage capital investments into decarbonisation measures or processes that will help reduce emissions intensity of activities and enable the activities to meet the green criteria over time. MAS has commenced an exercise to map the Singapore-Asia Taxonomy to the International Platform for Sustainable Finance (IPSF)’s Common Ground Taxonomy (CGT), which currently covers the EU Taxonomy and People’s Bank of China (PBOC)’s Green Bond Endorsed Project Catalogue. When this mapping is complete, finance institutions and market participants will be able to refer to a common set of definitions under the CGT, which would help increase taxonomy-aligned financing solutions and facilitate sustainable development in markets which the CGT covers. Through the Singapore-China Green Finance Task force, MAS is working with the PBOC to promote the uptake of financial products that reference the China Green Bond Catalogue and the Singapore-Asia Taxonomy, and eventually the CGT when mapping is completed. These efforts serve to facilitate cross-border financing flows.

Update: June 2026 Singapore launched the Decarbonisation Grand Challenge (DGC) in March 2026. Under the DGC, the Government will invest S$800 million over the next five years to support research, innovation and translation efforts in low-carbon energy and industrial decarbonisation technologies for the industry and power sectors. The DGC will support: Laboratory-based research to advance emerging low-carbon technologies, including hydrogen and its derivatives; Test-bedding and piloting of promising solutions to accelerate their transition to commercial deployment, through the newly launched Singapore Pilots for Energy and Enterprise Decarbonisation (SPEED) programme.

Updated March 2024 NIL

Update: June 2026 Singapore will be hosting the 25th World Hydrogen Energy Conference (WHEC) from 22 – 26 June. WHEC is one of the leading international research-focused hydrogen events among rotational association conventions, and seeks to offer numerous opportunities for participants, exhibitors and sponsors to exchange scientific and market information with global leaders in business, governments and scientific communities.

Updated March 2024 In March 2024, Singapore established the Future Energy Fund, with an initial injection of S$5 billion, to support infrastructure investments for our energy transition towards a net-zero future. These projects may involve nascent technologies or require high upfront capital expenditures, and furthermore exposed to significant commercial and geopolitical risks. The establishment of the Future Energy Fund ensures that the government is ready to provide financial support to catalyse energy transition projects to secure low-carbon energy supplies to meet Singapore’s decarbonisation ambitions. This will better prepare our businesses and economy for a low-carbon future and allow Singapore to remain an attractive investment destination. Examples of energy transition infrastructure which could be supported by the Future Energy Fund include undersea cables to import low-carbon electricity as well as new hydrogen terminals and pipelines.

Updated March 2024 Singapore formed the Pro-TemCommittee (PTC) underthe Singapore Standardisation Programme in 2H 2023 to assessthe prospects of developing hydrogenand hydrogen carrier standards. Discussions continue to be underway.

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Nicolette TAN - Nicolette_TAN@mti.gov.sg