Singapore, Hong Kong lag in Global Energy Vulnerability Index

This is due to their heavy reliance on energy imports.

Singapore and Hong Kong were among the bottom 10 performers out of 100 markets in Euromonitor International’s Global Energy Vulnerability Index as their high dependence on energy imports offset their good standing in energy efficiency and economic stability.

In a statement, Euromonitor added that the limited geography of Singapore and Hong Kong, which ranked 93rd and 98th, respectively, poses a constraint to their capacity for renewables, “adding to the city-states’ weaknesses.”

“Understanding a country or a region’s vulnerability to energy shocks will inform business strategy and enable an optimal plan for energy sourcing, as well as help to identify the white spaces for investment,” said Aleksandra Svidler, Consultant for Economies at Euromonitor International.

ALSO READ: Singapore’s 1st hydrogen-ready cogeneration plant breaks ground 

“Overall, economies that are heavily reliant on imports, with low adoption of renewables, weak energy efficiency and economic instability are more vulnerable to energy risks,” Svidler added.

The Energy Vulnerability Index is anchored on six indicators namely: energy self-sufficiency, alternative to fossils, energy reserves potential, energy accessibility, energy efficiency, and economic resilience.

The top performers were Norway, Canada, Australia, and the US due to their diverse energy sources and high self-sufficiency, whilst Belarus and Lebanon were at the bottom because of a lack of resources and struggle with energy efficiency, it said.