Singapore’s Prime Minister says the country has already met its 2 GW solar deployment target for 2030
It has now raised the goal by the end of this decade to 3 GW, with more ambitious targets to follow
Beyond solar, the government is exploring hydrogen, geothermal energy, and civilian nuclear power, and low-carbon electricity imports
Singapore is also extending green loans to help businesses invest in sustainable solutions, including solar and renewable energy generation
Singapore has achieved its 2 GW solar deployment target for 2030 ahead of schedule, according to the country’s Prime Minister and Minister for Finance Lawrence Wong. During his Budget 2026 speech, Wong also announced raising the 2030 target to 3 GW.
He promised it will be followed by more ambitious targets further into the future. The administration plans to continue to maximize solar deployment ‘across all viable surfaces’ beyond chasing the target.
GlobalData believes Singapore can install about 3.6 GW of solar PV capacity by 2030. It can reach up to 5.33 GW of solar capacity by 2035, up from 1.57 GW in 2024 with annual additions of 300 MW to 400 MW from 2025 onward (see Singapore’s Solar PV Capacity To Exceed 5 GW By 2035).
Beyond solar, the country is ‘actively pursuing possibilities’ to further diversify its power mix with hydrogen, geothermal energy or civilian nuclear power, Wong added in his speech.
“We are also advancing plans to import low-carbon electricity from the region. They are at various stages of development. While not all will materialise, those that do will help to reduce our carbon footprint and strengthen our energy resilience,” stated the Singaporean Prime Minister.
Singapore plans to import 6 GW of low-carbon electricity from its neighboring countries by 2035 to help meet around 1/3rd of the country’s energy needs, according to the Ministry of Trade and Industry (see Singapore To Raise Low-Carbon Electricity Import Goal To 6 GW).
However, the potential is much more, as Rystad Energy believes that if all proposed regional interconnections to Singapore are realized, it could unlock up to 25 GW of renewable energy storage projects across Southeast Asia with Singapore as its core (see Singapore Interconnectors Could Unlock 25 GW Of Renewable Energy).
The Prime Minister also announced extending the Energy Efficiency Grant and support for green loans under the Enterprise Financing Scheme to enable firms invest in energy-efficient and sustainable solutions. Through its Enterprise Financing Scheme, Singapore offers enterprises green loans, including for renewable energy technologies and solutions like solar, wind, geothermal, hydrogen, etc., and for the production of electricity from renewables.
“Looking further ahead, our path to net zero will depend heavily on technological breakthroughs and sustained international cooperation. Without these, it will be increasingly difficult for a small, resource-constrained country like Singapore to move further on our own,” stated Wong. “The progress of our transition to net zero may therefore be uneven. But our efforts will be credible, forward-looking, and aligned with global realities.”
