Accelerating the Green Energy Transition: MAS Partners Raise Funds for Clean Energy Infrastructure
Despite many global financial institutions withdrawing from the net-zero emissions alliance, the Monetary Authority of Singapore (MAS) remains committed to collaborating closely with the industry to develop solutions that support regional energy transformation. On Wednesday, May 7, MAS Managing Director Ravi Menon announced during a session at Temasek’s Ecosperity Week that the Green Investment Partnership under the Asia Transition Financing Partnership (FAST-P) will begin mobilizing funds in the coming months for clean energy infrastructure projects in Asia that are on the margins of financing.
Additionally, the Asia Transition Financing Partnership will establish an office to facilitate government investments of up to $500 million in preferential capital across three partnerships: energy transition acceleration financing, green investment, and industrial transition infrastructure debt projects, while also attracting funds from other partners.
Menon stated, “The office will continue to work closely with asset management firms, banks, commercial, and concessional investors to promote innovative blended financing solutions for sustainable infrastructure in the region.”
Moreover, the Singapore Sustainable Finance Association is collaborating with the government to develop guidelines for companies on the appropriate use of carbon credits based on decarbonization plans. Both parties are also advancing solutions to deepen carbon project financing and are working with ASEAN countries to promote the ASEAN Common Carbon Framework.
Menon indicated that MAS and the Sustainable Finance Association are considering launching a series of initiatives to further encourage financial institutions’ participation in the carbon market. He emphasized, “While there are uncertainties in the short-term regarding global climate developments, Asia can still make steady progress on its transition path. Policymakers, financial institutions, and businesses should look long-term and invest in the infrastructure needed to drive the transformation of enterprises and economies, building resilient economies and communities.”
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