This is largely driven by the need to decrease electricity-related emissions.
Companies in Singapore are considering investing in solar power to expand their use of renewable energy sources, as per a study by Schneider Electric.
In its January 2025 survey of over 500 senior business leaders, 57% stated they intend to invest in solar energy by 2030. Their other investment choices were hydropower (40%), bioenergy (29%), mobile nuclear (26%), and wind energy (16%).
Schneider Electric stated that this is "being driven partially out of a need to reduce electricity-related emissions," with six in 10 business leaders saying that more than half of their Scope 1 and 2 emissions come from electricity consumption.
Among those who plan to invest in renewable energy sources, the most frequently cited reason for the investment is the necessity to meet emissions targets.
Businesses plan to finance solar investments through self-funding or collaborating with landlords or tenants on co-funding options.
Businesses expressed a desire for cleaner energy, but cited high costs and technology constraints as barriers to implementation. The main obstacles were the expense of renewable energy investments (31%) and the need for technology upgrades (24%). Respondents also mentioned the limited availability of renewable energy in Singapore.
Yoon Young Kim, Cluster President for Singapore and Brunei at Schneider Electric, stated, "The public and private sectors must intensify the dialogue on what it takes to increase the proportion of renewables in the energy mix for businesses in Singapore."
"Digital technologies can have a significant impact on energy management and reducing carbon emissions. Many of these technologies are well-established, reliable, and cost-effective for companies," he added.