NATIONAL STRATEGY
Singapore’s national renewable energy strategy focuses on diversifying clean energy, supporting innovation and R&D rather than depending solely on subsidies, and strengthening energy security within spatial and physical constraints. Singapore has committed to net zero emissions by 2050 with a stepped increase in carbon tax as part of that transition, indirectly incentivising low-carbon technologies. Singapore Green Plan 2030 includes Energy Reset measures to import low-carbon electricity, scale up storage, and explore emerging low-carbon alternatives. Singapore’s agencies such as Enterprise Singapore and energy/renewables bodies support marine/offshore energy R&D, innovation collaborations, and pilot testing in Singapore.
Marine spatial planning in Singapore differs from the integrated national frameworks seen in some other jurisdictions. There is no single, comprehensive marine spatial planning law or authority that allocates marine space across all uses in a unified manner. Instead, marine areas are managed through a sector-based regulatory approach, with different agencies responsible for shipping, port operations, environmental protection, coastal development, and seabed use. This approach reflects Singapore’s status as one of the world’s busiest maritime hubs, where navigational safety and port efficiency are dominant considerations. As a result, while marine spatial planning is discussed in academic and regional policy contexts, it has not been formalised as a distinct policy instrument specifically supporting ocean energy development.
If an ocean energy project needs to be proposed in Singapore, approvals would likely involve multiple agencies, including the Energy Market Authority for power generation matters, the Maritime and Port Authority for navigational and marine safety considerations, and environmental authorities for impact assessments and regulatory compliance. In the absence of a dedicated ocean energy licensing framework, project proponents would need to navigate existing energy, maritime, and environmental regulations on a case-by-case basis. For those who are interested in deploying ocean energy systems such as tidal turbines, wave energy systems, etc., Energy Research Institute @ NTU (ERI@N) is available to support device and project developers with necessary support through a research collaborative agreement (RCA) to follow-up with government agencies to perform necessary Environmental Impact Assessment and the Resource mapping studies and the Site-Device matching with the necessary techno-economics evaluation.
MARKET INCENTIVES
Singapore provides a well-established set of broader clean energy and sustainability incentives that could indirectly support such projects. These include tax-based measures that reduce the cost of investing in renewable and energy-efficient technologies, such as enhanced capital allowances, accelerated depreciation, and reduced corporate tax rates for qualifying green investments. The government also offers co-funding and grant schemes that support research, innovation, pilot projects, and productivity improvements in clean technologies, which are relevant for early-stage marine and offshore energy development. In addition, Singapore has built a strong green finance ecosystem, with incentives for issuing green and sustainability-linked bonds and access to blended finance funds that channel capital into low-carbon infrastructure. Together with the country’s progressively rising carbon tax, these mechanisms create market signals that encourage emissions reduction and investment in cleaner energy solutions, even though ocean energy itself is not yet a policy priority for domestic deployment.
PUBLIC FUNDING PROGRAMS
Ocean-based renewable energy has been identified by ERI@N as a promising alternative energy option, particularly for isolated coastal and island communities, and forms part of its targeted research agenda. In parallel, Singapore actively promotes its role as a “Living Lab,” encouraging clean technology firms to pilot, validate, and demonstrate new solutions locally before deploying them at scale in international markets. To support this innovation ecosystem, the Government has committed more than S$800 million in public funding toward research and development in areas such as energy, water, sustainable buildings, and land-efficient solutions. An additional S$55 million has been allocated to support a portfolio of projects focused on low-carbon energy technologies. Beyond R&D funding, the Government has indicated its intention to reinvest over S$1 billion in carbon tax revenues collected during the initial five years of the scheme to help businesses transition toward more energy- and carbon-efficient technologies. Complementing these efforts, the Maritime and Port Authority of Singapore has partnered with leading industry stakeholders to establish a S$90 million decarbonisation fund aimed at accelerating emissions reduction within the maritime sector.
