Partial commencement of Energy Transition Measures and Other Amendments Act 2024 to establish Future Energy Fund

28 November 2024

Pursuant to the Energy Transition Measures and Other Amendments Act 2024 (Commencement) Notification 2024 (“Commencement Notification”), relevant provisions of the Energy Transition Measures and Other Amendments Act 2024 (“Act”) came into operation on 8 November 2024 to establish the Future Energy Fund (“Fund”) under the Energy Market Authority of Singapore Act 2001. The Fund will be set up with an initial injection of S$5 billion to support infrastructure investments for the energy transition towards a net zero future.

The establishment of the Fund was first announced on 16 February 2024 by then Singapore Deputy Prime Minister and Minister for Finance Lawrence Wong (now Singapore’s Prime Minister) when he delivered the speech for the Budget Statement for financial year 2024. For more about the Fund, please read our article “Singapore to establish Future Energy Fund to invest in energy transition infrastructure”.

The other provisions in the Act relating to the introduction of guardrails for Singapore’s electricity market and the strengthening of the Energy Market Authority’s ability to regulate the power sector are not yet in force. For more on the other key changes to the Act, please read our article “Parliament passes Energy Transition Measures and Other Amendments Bill”.

Reference materials

The Act and the Commencement Notification are available on Singapore Statutes Online sso.agc.gov.sg.