The fossil fuel energy consumption in Singapore has shown a consistent decline from 2013 to 2023, with a year-on-year decrease averaging around 0.62% over the past decade. The latest actual value for 2023 stands at 86.61 units of total energy consumption. The Compound Annual Growth Rate (CAGR) for the past five years has been -0.62%, reflecting a steady decrease in consumption.
Looking ahead, the forecasted data indicates a continuation of this downward trend, with a forecasted five-year CAGR of -0.51%. By 2028, the total energy consumption from fossil fuels is expected to decrease by approximately 2.52% from 2024 levels to 83.87 units.
Trends to watch for include the adoption rate of renewable energy sources, changes in governmental policies towards energy consumption, and technological advancements in energy efficiency which may further accelerate the decline in fossil fuel usage.
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