Increasing investments in Singapore's fast-growing clean energy industry is expected to open up about 1,000 new jobs in the next five years. This was revealed by Minister for the Environment and Water Resources Masagos Zulkifli, in his opening speech at the Asia Clean Energy Summit (Aces) yesterday.

The summit was held in conjunction with the Singapore International Energy Week, and efforts addressed included the adoption of clean energy as a vital part of climate action.

In a study by the International Renewable Energy Agency (IRENA) last year, it was revealed that the clean energy space is one of the fastest growing sectors in terms of employment and investment. This could result in as many as 2.2 million new jobs added in Southeast Asia by 2030 - a sharp increase from about 600,000 in 2016.

Aside from creating new jobs, recent investments in the clean energy industry is also expected to add about S$180 million in annual business spending in the next five years. Singapore companies are also leveraging new green growth opportunities in the region to innovate and transform.

More clean energy companies are also choosing to invest in Singapore, with global utilities such as ENGIE and EDF establishing their Asia-Pacific headquarters in Singapore. These continuous investments will push Singapore towards its aim to position itself as a global hub for clean energy investments.

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