Dear Thorbjörn Fors,
Dear Eva Vincetic,
Ladies and Gentlemen,

It is a great pleasure to join you today at the Asia Pacific Energy Talks hosted by Siemens Energy in partnership with EuroCham.

Dear Thorbjörn, you could not have chosen a better time for this event. Thank you for bringing together such a distinguished group of policymakers, leaders of industry, researchers and innovators from across the Asia-Pacific region, precisely at the moment when energy security is on top of the global agenda.

The conflict in the Middle East has led to a spike in oil prices, increasing energy import costs also across the Asia-Pacific region.

The blockade of the Strait of Hormuz, one of the world’s most critical energy chokepoints, has curtailed global oil supply by roughly 20 million barrels a day. The Strait is also crucial for natural gas. In 2025, almost one fifth of global LNG trade passed through there, and more than a quarter of Asia’s total LNG imports.

In several countries, rising energy costs are forcing governments and businesses to adjust spending and energy consumption, and to tap into reserves.

The International Energy Agency has decided to release 400m barrels of oil from its reserves. Despite these measures, the price of brent crude oil rose to over 90 USD a barrel.

With regard to Europe, European Commission President Ursula von der Leyen yesterday described the high energy prices resulting from the war in the Middle East as “the price of our dependence” on fossil fuels. The solution, she said, lies in “energy sources that come from Europe itself – renewable energies and nuclear power.” Because their prices have remained stable over the past ten days.

The developments we are witnessing worldwide underline an important lesson: diversification is key to energy security. Expanding renewable energy, strengthening energy infrastructure and investing in low-carbon technologies such as hydrogen will be essential to building energy systems that are both sustainable and secure over the long term.

Moreover, the importance of energy efficiency will further increase.

Against this backdrop, the Asia-Pacific region is central to the global energy transition. It is one of the most dynamic economic regions in the world, with rapidly growing energy demand driven by urbanization, industrial development and the expansion of digital infrastructure such as data centres.

Addressing these challenges will require strong regional cooperation. Initiatives such as the ASEAN Power Grid illustrate how cross-border connectivity can strengthen energy security and enable the integration of renewables.

Singapore is particularly well positioned to contribute to this development. As a regional hub for finance, trade and tech innovation, Singapore plays a central role in facilitating cross-border cooperation and mobilizing infrastructure investment.

Despite its limited natural resources, Singapore has developed one of the most reliable and sophisticated energy systems in the region. At the same time, the country has set an ambitious goal to achieve net-zero emissions by 2050, advancing a wide range of low-carbon solutions, as well as investments in advanced infrastructure and regional electricity interconnections.

From Germany’s perspective, these developments are both impressive and inspiring. And it offers significant opportunities for German and European companies.

Germany itself is currently undergoing a major transformation of its energy system. We are investing heavily in renewable energy, hydrogen technologies, electricity grids and energy efficiency as part of the transition towards climate neutrality, while maintaining a strong industrial base. We are also advancing the European energy market integration. The experience gained through this transformation offers valuable opportunities for regional and international cooperation.

Within the framework of our Strategic Partnership with Singapore, this year provides a particularly meaningful opportunity for such cooperation. A few weeks ago, Singapore’s Foreign Minister Vivian Balakrishnan and Germany’s Foreign Minister Johann Wadephul announced the Singapore-Germany Year of Innovation, highlighting the strong partnership between our two countries in areas such as advanced technologies, clean energy solutions and sustainable development.

Research institutions and the industry play a crucial role in turning ambition into reality. Companies such as Siemens Energy contribute essential expertise in areas such as grid infrastructure, hydrogen technologies and advanced energy solutions.

Equally important is the exchange of ideas and experiences between governments, businesses and researchers. I am grateful that platforms such as the Asia Pacific Energy Talks provide a valuable space for this dialogue.

I am confident that the conversations and insights shared here will contribute to strengthening cooperation and advancing energy security across the region.

Let me conclude by wishing you a productive and inspiring discussion today.

Thank you very much.