For Immediate Release
SEAS leads national initiative to help SMEs cut energy costs by increasing energy efficiency
To help SMEs cope with rising energy costs, the SME Energy Efficiency Initiative (SME³) was launched on 10th July at the Standards eXchange for Resource Efficiency by Minister S. Iswaran, Minister, Prime Minister’s Office, Second Minister for Home Affairs and Trade & Industry. This S$17million initiative will be led by the Sustainable Energy Association of Singapore (SEAS), with support from SPRING Singapore, the National Environment Agency (NEA), and the Infocomm Development Authority of Singapore (IDA). The goal is to help at least 300 manufacturing SMEs achieve a minimum 10 % savings in energy costs over the next three years.
Mr S. Iswaran said, “energy cost accounts for 13% of operating costs of all manufacturing SMEs which is more than the 11% average for all manufacturing companies in Singapore, including larger companies. To remain competitive and to grow, we need to be smart users of energy”.
The initiative is a 4 step process for SMEs: they can start by assessing and understanding their total energy usage from which they can participate and implement a sustainable long-term energy efficiency solution. SMEs can apply for existing government grants at each stage of the process. SEAS will lead by being the one-stop shop for information about the initiative, like advising them on which energy service provider they can get in touch with to begin an energy audit or seek advice about energy management solutions. SEAS also provides training courses for SMEs to understand how best to apply energy efficiency to their business to improve productivity, maximize returns, and achieve energy efficiency out of their manufacturing processes.
With the number of people increasing in resource-scarce Singapore, energy demands are rising, and so are the prices of energy. Companies are highly dependent on fluctuating oil prices, but together with renewable energy, energy efficiency is the first step for Singapore to fight high energy costs, and sustainably meet this rising demand for energy.
About the Sustainable Energy Association of Singapore (SEAS)
The Sustainable Energy Association of Singapore (SEAS) represents the interests and provides a common platform for companies in Renewable Energy, Energy Efficiency, and Financial Institutions to meet, discuss, collaborate and undertake viable projects together. The Association’s mission is to assist its members in achieving sustainable growth locally and regionally through enterprise development, market development, as well as training and learning platforms.
SEAS plays a strategic role in aiding the realisation of Singapore’s vision; to be a global centre for sustainable energy, where products and solutions are developed and exported. SEAS has also built strategic collaborative relations with regional clean energy industry organisations, multilateral and key government institutions enabling projects for its members.
About the SME Energy Efficiency Initiative (SME³)
SME³ aims to help SMEs lower operational costs and improve productivity by optimizing energy consumption through energy efficiency. Developed by SPRING Singapore, this initiative will be led by the Sustainable Energy Association of Singapore (SEAS), with support from SPRING Singapore, the National Environment Agency and the Infocomm Development Authority of Singapore. $17 million has been set aside to help more than 300 SMEs achieve energy savings and at least 10 % cost savings over the next 3 years.
There are 4 steps in the process: Energy Audit, Energy Monitoring System, Energy Efficiency Project Implementation and Energy Efficiency Thought Leadership. Through these steps, SMEs will be able to audit, manage, and implement energy efficient solutions using existing government grants coupled with private sector project financing where required. The initiative also offers technical training to equip SMEs with the knowledge required to maintain and continually improve their energy usage while lowering operational costs.
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