At the “Financing Asia’s Transition (FAST) Conference 2024” the Monetary Authority of Singapore (MAS) unveiled the “Financing Asia’s Transition Partnership” (FAST-P), a USD 5 billion initiative to fund climate-focused projects across Asia. Managing Director Chia Der Jiun emphasized Asia’s pivotal role in global sustainability, citing the urgency to address climate challenges and foster international collaboration.
The FAST-P initiative targets the significant climate finance gap in emerging Asian nations, estimated at USD 800 billion annually by the IMF. It aims to leverage partnerships with multilateral development banks and private investors, drawing inspiration from successful global funds like the USD 30 billion COP28 fund.
Singapore’s strategy, according to MAS, involves not only raising funds but also directing them toward impactful projects. By prioritizing investments with clear environmental benefits and financial returns, the initiative aims to attract diverse investors, including the private sector. With broad stakeholder commitment, the FAST-P is envisioned to set a precedent for global sustainability efforts, showcasing the power of financial innovation in driving environmental progress.
Chia highlighted that the impact of the fundraising activity as signifying a stride toward a sustainable Asia, underlining the initiative’s transformative potential. With broad stakeholder commitment, Chia believes the FAST-P could set a precedent for global sustainability efforts, showcasing the power of financial innovation in driving environmental progress.
(Source: ESG News)
