Over half of Singaporean businesses plan solar investments by 2030

This is partly driven by the need to reduce electricity-related emissions.

Businesses in Singapore are looking into investing in solar power to increase their sources of clean energy, according to a study by Schneider Electric.

In its January 2025 survey of more than 500 senior business leaders, 57% said they were planning to invest in solar energy by 2030. Their other investment options were hydropower (40%), bioenergy (29%), mobile nuclear (26%) and wind energy (16%).

Schneider Electric said this is “being driven partially out of a need to curb electricity-related emissions,” with six in 10 business leaders saying over half of their Scope 1 and 2 emissions come from electricity consumption.

Amongst those who plan to invest in renewable energy sources, the most cited motivation for the investment was the need to meet emissions targets.

To facilitate solar investments, businesses said they will tap self-funding or explore co-funding options with landlords or tenants.

Whilst businesses expressed a desire for cleaner energy, they identified obstacles hindering implementation. The primary challenges were the high cost of renewable energy investments (31%) and the required technology upgrades (24%). Respondents also noted the limited availability of renewable energy in Singapore.

Yoon Young Kim is Cluster President for Singapore and Brunei at Schneider Electric, said “the public and private sector must deepen the conversation on what it takes to raise the portion of renewables in the energy mix for businesses in Singapore.”

“Digital technologies can play an important role in energy management and decarbonisation. Many of these technologies are mature, proven and economically viable for businesses,” he added.