Singapore has pledged to match every dollar, up to a total of US$500 million (S$670 million), to support green and transition projects across Asia, reinforcing the country’s role in advancing climate finance solutions in the region.
The announcement was made by Singapore’s Minister for Sustainability and the Environment, Grace Fu, on Tuesday (Nov 12) at the United Nations Conference of the Parties (COP29) in Baku, Azerbaijan.
“As a global financial hub, Singapore is intensifying its efforts to mobilize capital in support of worldwide climate action,” Fu said in a pre-recorded address at the opening of the Singapore Pavilion at the annual climate summit.
“This joint pool of concessional capital will help attract commercial investment and other financial resources, accelerating the flow of funds to support Asia’s green transition.”
This dollar-for-dollar commitment is part of the Financing Asia’s Transition Partnership (FAST-P), an initiative launched by the Monetary Authority of Singapore last year.
The FAST-P blended finance project aims to raise US$5 billion in collaboration with international partners, helping to reduce the financial risks associated with climate action. The funding will be sourced from governments, philanthropists, and development banks, among others.