Singapore leads $5b initiative for Asian climate projects

Singapore is collaborating with global partners to amass $5 billion in funding for climate projects focused on Asia, according to Chia Der Jiun, Managing Director at the Monetary Authority of Singapore (MAS), cited by Reuters on Wednesday.

The initiative, called Financing Asia’s Transition Partnership, will leverage both public and private sector financing, Chia stated during a conference.

Drawing parallels, Chia compared this initiative to the substantial $30 billion climate fund unveiled at the COP28 climate summit.

While he did not disclose the names of the international partners or the specific projects earmarked for funding, it was previously revealed by Singapore’s Senior Minister, Teo Chee Hean.

Teo had initially announced this initiative at last year’s COP28 climate summit, mentioning that the partners comprised multilateral development banks and charities, some of which have already joined the initiative. He emphasised that the initiative aims to mitigate risks and finance green projects.